EIA: US crude inventories down 1.6 million bbl

US crude oil inventories, excluding the Strategic Petroleum Reserve, decreased 1.6 million bbl for the week ended Feb. 16 from the previous week, the US Energy Information Administration said.

US crude oil inventories, excluding the Strategic Petroleum Reserve, decreased 1.6 million bbl for the week ended Feb. 16 from the previous week, the US Energy Information Administration said.

EIA released the Weekly Petroleum Status Report a day later than normal because of the US Presidents Day holiday on Feb. 19.

The latest estimate is 420.5 million bbl, which puts oil in storage in the lower half of the average range for this time of year, EIA said.

The report also said total motor gasoline inventories increased 300,000 bbl and are in the upper half of the average range. Blending components inventories decreased last week, while finished gasoline inventories increased, a reverse from the week prior. Distillate fuel inventories decreased 2.4 million bbl last week and are in the middle of the average range for this time of year.

With a 2.5 million bbl decrease, propane-propylene inventories are in the lower of the average range, EIA said.

US refinery inputs averaged 15.8 million b/d for the week ended Feb. 16, down 329,000 b/d from the previous week’s average. Refineries operated at 88.1% of capacity.

Gasoline production increased, averaging 10.1 million b/d. Distillate fuel production decreased, averaging 4.5 million b/d.

US crude oil imports averaged 7 million b/d, down 867,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 7.8 million b/d, 6.6% less than the same period last year. Total motor gasoline imports averaged 350,000 b/d. Distillate fuel imports averaged 243,000 b/d.

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