EIA: US crude inventories drop 10.8 million bbl

July 24, 2019
US crude oil inventories for the week ended July 19, excluding the Strategic Petroleum Reserve, decreased 10.8 million bbl from the previous week, according to data from the US Energy Information Administration.

US crude oil inventories for the week ended July 19, excluding the Strategic Petroleum Reserve, decreased 10.8 million bbl from the previous week, according to data from the US Energy Information Administration.

Separately, the American Petroleum Institute said its own estimates showed US crude inventories decreased 11 million bbl for the week.

At 445 million bbl, US crude oil inventories are 2% above the 5-year average for this time of year, the report indicated.

EIA said total motor gasoline inventories decreased by 200,000 bbl and are 2% above the 5-year range for this time of year. Finished gasoline inventories decreased while blending component inventories increased last week. Distillate fuel inventories increased by 600,000 bbl and are at the 5-year average for this time of year.

Propane-propylene inventories increased 1.6 million bbl last week and are about 6% 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 19, about 233,000 b/d less than the previous week’s average. Refineries operated at 93.1% of capacity.

Gasoline production increased, averaging 10.1 million b/d. Distillate fuel production decreased, averaging 5.2 million b/d.

US crude oil imports averaged 7 million b/d, up 196,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 7.2 million b/d, 13.7% less than the same period last year. Total motor gasoline imports averaged 985,000 b/d. Distillate fuel imports averaged 105,000 b/d.