US crude oil inventories for the week ended July 24, 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 404.5 million bbl, US crude oil inventories are about 7% below the 5-year average for this time of year, the EIA report indicated.

EIA said total motor gasoline inventories increased slightly from last week and are 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 increased by 1.1 million bbl last week and are about 9% below the 5-year average for this time of year.

Propane-propylene inventories increased by 2.5 million bbl from last week and are 34% above the 5-year average for this time of year, EIA said.

US crude oil refinery inputs averaged 17.3 million b/d for the week ended July 24, which was 271,000 b/d more than the previous week’s average. Refineries operated at 97.2% of capacity.

Gasoline production increased, averaging 9.9 million b/d. Distillate fuel production increased, averaging 5.4 million b/d.

US crude oil imports averaged 5.7 million b/d, down 124,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged about 5.7 million b/d, 6.9% less than the same 4-week period last year. Total motor gasoline imports averaged 659,000 b/d. Distillate fuel imports averaged 98,000 b/d.