EIA: US crude inventories down 7.2 million bbl

US crude oil inventories for the week ended June 5, excluding the Strategic Petroleum Reserve, decreased by 7.2 million bbl from the previous week, according to data from the US Energy Information Administration (EIA).

At 426.5 million bbl, US crude oil inventories are about 5% 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 6% 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 200,000 bbl last week and are about 13% below the 5-year average for this time of year.

Propane-propylene inventories increased by 1.1 million bbl from last week and are about 35% above the 5-year average for this time of year, EIA said.

US crude oil refinery inputs averaged 17.0 million b/d for the week ended June 5, which was 80,000 b/d more than the previous week’s average. Refineries operated at 95.3% of capacity.

Gasoline production increased, averaging 9.7 million b/d. Distillate fuel production increased, averaging 5.2 million b/d.

US crude oil imports averaged 5.9 million b/d, down 500,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged about 5.9 million b/d, 5.8% less than the same 4-week period last year. Total motor gasoline imports averaged 714,000 b/d. Distillate fuel imports averaged 130,000 b/d.