EIA: US crude inventories down 2.3 million bbl

US crude oil inventories for the week ended Jan. 23, excluding the Strategic Petroleum Reserve, decreased by 2.3 million bbl from the previous week, according to data from the US Energy Information Administration.

At 423.8 million bbl, US crude oil inventories are about 3% below the 5-year average for this time of year, the EIA report indicated.

EIA said total motor gasoline inventories increased by 200,000 bbl from last week and are about 5% above the 5-year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories increased by 300,000 bbl last week and are about 1% above the 5-year average for this time of year.

Propane-propylene inventories decreased by 4.7 million bbl from last week and are about 41% above the 5-year average for this time of year, EIA said.

US crude oil refinery inputs averaged 16.2 million b/d for the week ended Jan. 23, which was 395,000 b/d less than the previous week’s average. Refineries operated at 90.9% of capacity.

Gasoline production increased, averaging 9.6 million b/d. Distillate fuel production decreased by 268,000 b/d, averaging 4.8 million b/d.

US crude oil imports averaged 5.6 million b/d, down 804,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged about 6.4 million b/d, 0.9% less than the same 4-week period last year. Total motor gasoline imports averaged 364,000 b/d. Distillate fuel imports averaged 253,000 b/d.