EIA: US crude inventories down 2.4 million bbl

US crude oil inventories for the week ended Aug. 22, excluding the Strategic Petroleum Reserve, decreased by 2.4 million bbl from the previous week, according to data from the US Energy Information Administration (EIA).

At 418.3 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 1.2 million bbl from last week and are at the 5-year average for this time of year. Finished gasoline inventories increased and blending components inventories decreased last week. Distillate fuel inventories decreased by 1.8 million bbl last week and are about 15% below the 5-year average for this time of year.

Propane-propylene inventories increased by 1.7 million bbl from last week and are 13% 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 Aug. 22, which was 328,000 b/d less than the previous week’s average. Refineries operated at 94.6% of capacity.

Gasoline production increased, averaging 10 million b/d. Distillate fuel production decreased by 112,000 b/d, averaging 5.2 million b/d.

US crude oil imports averaged 6.2 million b/d, down by 263,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged about 6.4 million b/d, 0.4% less than the same 4-week period last year. Total motor gasoline imports averaged 767,000 b/d. Distillate fuel imports averaged 141,000 b/d.