EIA: US oil inventories drop 1.5 million bbl

US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, decreased 1.5 million bbl for the week ended July 28 compared with the previous week, the US Energy Information Administration estimated.

US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, decreased 1.5 million bbl for the week ended July 28 compared with the previous week, the US Energy Information Administration estimated.

The latest total of 481.9 million bbl puts US crude inventories in the upper half of the average range for this time of year, the Petroleum Status Report said (OGJ Online, July 26, 2017).

US refinery inputs averaged 17.4 million b/d last week, up 123,000 b/d from the previous week’s average. Refineries operated at 95.4% of capacity last week.

Gasoline production decreased, averaging 10.3 million b/d, while distillate fuel production increased, averaging 5.2 million b/d.

US crude oil imports averaged 8.3 million b/d for the week ended July 18, up 209,000 b/d from the previous week. Over 4 four weeks, crude oil imports averaged 8 million b/d, which EIA said was 3.8% below the same 4-week period last year.

US motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 549,000 b/d for the week ended July 28, while distillate fuel imports averaged 108,000 b/d.

Total US gasoline inventories decreased 2.5 million b/d but still remain in the upper half of the average range. Both finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories decreased 200,000 bbl last week. Propane-propylene inventories increased 1.7 million bbl.

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