EIA: US crude oil inventories down 8.3 million bbl

US crude oil inventories for the week ended June 12, excluding the Strategic Petroleum Reserve, decreased by 8.3 million bbl from the previous week, according to data from the US Energy Information Administration (EIA).

At 418.2 million bbl, US crude oil inventories are about 6% below the 5-year average for this time of year, the EIA report indicated.

EIA said total motor gasoline inventories decreased by 900,000 bbl from last week and are 6% below the 5-year average for this time of year. Finished gasoline inventories slightly increased while blending components inventories decreased last week. Distillate fuel inventories increased by 1.0 million bbl last week and are about 13% below the 5-year average for this time of year.

Propane-propylene inventories increased by 3.0 million bbl from last week and are 36% above the 5-year average for this time of year, EIA said.

US crude oil refinery inputs averaged 17.2 million b/d for the week ended June 12, which was 230,000 b/d more than the previous week’s average. Refineries operated at 96.7% 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 5.1 million b/d, down by 754,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged about 5.7 million b/d, 7.2% less than the same 4-week period last year. Total motor gasoline imports averaged 738,000 b/d. Distillate fuel imports averaged 127,000 b/d.