EIA: US crude inventories down 3.2 million bbl

US crude oil inventories for the week ended July 18, excluding the Strategic Petroleum Reserve, decreased by 3.2 million bbl from the previous week, according to data from the US Energy Information Administration (EIA).

At 419 million bbl, US crude oil inventories are about 9% below the 5-year average for this time of year, the EIA report indicated.

EIA said total motor gasoline inventories decreased by 1.7 million bbl from last week and are slightly above the 5-year average for this time of year. Finished gasoline inventories and blending components inventories both decreased last week. Distillate fuel inventories increased by 2.9 million bbl last week and are about 19% below the 5-year average for this time of year.

Propane-propylene inventories decreased by 500,000 bbl from last week and are 10% above the 5-year average for this time of year, EIA said.

US crude oil refinery inputs averaged 16.9 million b/d for the week ended July 18, which was 87,000 b/d more than the previous week’s average. Refineries operated at 95.5% of capacity.

Gasoline production increased, averaging 9.4 million b/d. Distillate fuel production increased by 95,000 b/d, averaging 5.1 million b/d.

US crude oil imports averaged 6.0 million b/d, down 403,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged about 6.3 million b/d, 7.1% less than the same 4-week period last year. Total motor gasoline imports averaged 606,000 b/d. Distillate fuel imports averaged 115,000 b/d.