EIA: US crude inventories down 17 million bbl

Aug. 2, 2023
US crude oil inventories for the week ended July 28, excluding the Strategic Petroleum Reserve, decreased by 17 million bbl from the previous week, according to data from the US Energy Information Administration.

US crude oil inventories for the week ended July 28, excluding the Strategic Petroleum Reserve, decreased by 17 million bbl from the previous week, according to data from the US Energy Information Administration.

At 439.8 million bbl, US crude oil inventories are about 1% below the 5-year average for this time of year, the EIA report indicated.

EIA said total motor gasoline inventories increased by 1.5 million bbl from last week and are about 6% below the 5-year range for this time of year. Finished gasoline inventories increased while blending component inventories decreased last week. Distillate fuel inventories decreased by 800,000 and are about 15% below the 5-year average for this time of year.

Propane-propylene inventories increased by 2.9 million bbl and are 24% 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 28, about 40,000 b/d more than the previous week’s average. Refineries operated at 92.7% of capacity.

Gasoline production increased, averaging 9.8 million b/d. Distillate fuel production increased, averaging 4.9 million b/d.

US crude oil imports averaged 6.7 million b/d, up 301,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 6.5 million b/d, 2.3% less than the same period last year. Total motor gasoline imports averaged 945,000 b/d. Distillate fuel imports averaged 113,000 b/d.