EIA: US crude inventories down 600,000 bbl

July 26, 2023
US crude oil inventories for the week ended July 21, excluding the Strategic Petroleum Reserve, decreased by 600,000 bbl from the previous week, according to data from the US Energy Information Administration.

US crude oil inventories for the week ended July 21, excluding the Strategic Petroleum Reserve, decreased by 600,000 bbl from the previous week, according to data from the US Energy Information Administration.

At 456.8 million bbl, US crude oil inventories are about 2% above the 5-year average for this time of year, the EIA report indicated.

EIA said total motor gasoline inventories decreased by 800,000 bbl from last week and are about 7% below the 5-year range for this time of year. Finished gasoline inventories decreased while blending component inventories increased last week. Distillate fuel inventories decreased by 200,000 and are about 14% below the 5-year average for this time of year.

Propane-propylene inventories increased by 1.0 million bbl and are 23% above the 5-year average for this time of year, EIA said.

US refinery inputs averaged 16.5 million b/d for the week ended July 21, about 107,000 b/d less than the previous week’s average. Refineries operated at 93.4% of capacity.

Gasoline production decreased, averaging 9.5 million b/d. Distillate fuel production decreased, averaging 4.8 million b/d.

US crude oil imports averaged 6.4 million b/d, down 807,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 6.6 million b/d, 1% more than the same period last year. Total motor gasoline imports averaged 754,000 b/d. Distillate fuel imports averaged 160,000 b/d.