EIA: US crude inventories down 1 million bbl

US crude oil inventories for the week ended Oct. 17, excluding the Strategic Petroleum Reserve, decreased by 1 million bbl from the previous week, according to data from the US Energy Information Administration (EIA).

At 422.8 million bbl, US crude oil inventories are about 4% below the 5-year average for this time of year, the EIA report indicated.

EIA said total motor gasoline inventories decreased by 2.1 million bbl from last week and are slightly below the 5-year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 1.5 million bbl last week and are about 7% below the 5-year average for this time of year.

Propane-propylene inventories increased by 800,000 bbl from last week and are 12% above the 5-year average for this time of year, EIA said.

US crude oil refinery inputs averaged 15.7 million b/d for the week ended Oct. 17. Refineries operated at 88.6% of capacity.

Gasoline production increased, averaging 9.6 million b/d. Distillate fuel production increased by 40,000 b/d, averaging 4.6 million b/d.

US crude oil imports averaged 5.9 million b/d, up 393,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 5.9 million b/d, 4.6% less than the same 4-week period last year. Total motor gasoline imports averaged 505,000 b/d. Distillate fuel imports averaged 76,000 b/d.