EIA: US crude inventories down 2.7 million bbl

US crude oil inventories for the week ended Aug. 16, excluding the Strategic Petroleum Reserve, decreased 2.7 million bbl from the previous week, according to data from the US Energy Information Administration.

US crude oil inventories for the week ended Aug. 16, excluding the Strategic Petroleum Reserve, decreased 2.7 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 by 3.5 million bbl for the week.

At 437.8 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 increased 300,000 bbl and are 42% 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 2.6 million bbl and are about 2% below the 5-year average for this time of year.

Propane-propylene inventories increased by 4 million bbl last week and are about 12% above the 5-year average for this time of year, EIA said.

US refinery inputs averaged 17.7 million b/d for the week ended Aug. 16, about 401,000 b/d more than the previous week’s average. Refineries operated at 95.9% of capacity.

Gasoline production decreased, averaging 9.9 million b/d. Distillate fuel production increased, averaging 5.3 million b/d.

US crude oil imports averaged 7.2 million b/d, down 497,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 7.2 million b/d, 10.8% less than the same period last year. Total motor gasoline imports averaged 892,000 b/d. Distillate fuel imports averaged 210,000 b/d.

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