U.S. crude oil inventories down 12.6 million barrels

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 12.6 million barrels during the week ending July 6, 2018 compared with the previous week, according to the U.S. Energy Information Administration.

At 405.2 million barrels, U.S. crude oil inventories are about 4% below the five year average for this time of year. 

The report said total motor gasoline inventories decreased by 0.7 million barrels last week and are about 6% above the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories increased by 4.1 million barrels last week and are about 12% below the five year average for this time of year. 

Propane/propylene inventories increased by 2.4 million barrels last week and are about 10% below the five year average for this time of year. 

Meanwhile, U.S. crude oil refinery inputs averaged 17.7 million barrels per day, which was 1,000 barrels per day less than the previous week’s average, according to the report.

Refineries operated at 96.7% of their operable capacity last week. Gasoline production increased last week, averaging 10.7 million barrels per day. Distillate fuel production also decreased, averaging 5.4 million barrels per day. 

U.S. crude oil imports averaged 7.4 million barrels per day last week, down by 1,624,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 8.3 million barrels per day, 5.9% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 853,000 barrels per day, and distillate fuel imports averaged 104,000 barrels per day. 

For more information, visit: www.eia.gov

12th July 2018