EIA: US crude inventories up 7.1 million bbl

US crude oil inventories for the week ended July 4, excluding the Strategic Petroleum Reserve, increased by 7.1 million bbl from the previous week, according to data from the US Energy Information Administration.

At 426 million bbl, US crude oil inventories are about 8% below the 5-year average for this time of year, the EIA report indicated.

EIA said total motor gasoline inventories decreased by 2.7 million bbl and are about 1% below the 5-year range for this time of year. Finished gasoline inventories and blending component inventories both decreased last week. Distillate fuel inventories decreased by 800,000 bbl and are about 23% below the 5-year average for this time of year.

Propane-propylene inventories increased by 2.7 million bbl last week and are about 12% above the 5-year average for this time of year, EIA said.

US refinery inputs averaged 17 million b/d for the week ended July 4, about 98,000 b/d less than the previous week’s average. Refineries operated at 94.7% of capacity.

Gasoline production increased, averaging 9.9 million b/d. Distillate fuel production increased by 59,000 b/d, averaging 5.1 million b/d.

US crude oil imports averaged 6 million b/d, down by 906,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 6.1 million b/d, 9.6% less than the same period last year. Total motor gasoline imports averaged 832,000 b/d. Distillate fuel imports averaged 42,000 b/d.