US crude stocks fell 900,000 bbl last week, EIA reports

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, dropped 900,000 bbl during the week ended June 10 compared with the previous week, the US Energy Information Administration reported.

According to its Petroleum Status Report, US crude inventories total 531.5 million bbl, remaining at historically high levels for this time of year.

Analysts surveyed by The Wall Street Journal expected a decrease of 2.1 million bbl. A separate report from the American Petroleum Institute, meanwhile, estimated an increase of 1.2 million bbl.

Inventories of motor gasoline fell 2.6 million bbl last week, but are well above the upper limit of the average range. Both finished gasoline inventories and blending components inventories decreased.

Distillate fuel inventories increased 800,000 bbl last week and are well above the upper limit of the average range for this time of year. Propane-propylene inventories rose 1.1 million bbl and are near the upper limit of the average range. Total commercial petroleum inventories decreased 700,000 bbl.

US crude refinery inputs during the week ending June 10 averaged 16.3 million b/d, down 100,000 b/d from the previous week’s average. Refineries operated at 90.2% of their operable capacity last week. Gasoline production fell to 9.7 million b/d, while distillate fuel production rose to 5 million b/d.

US crude imports last week averaged 7.6 million b/d, down 83,000 b/d from the previous week’s average. Over the past 4 weeks, crude imports averaged 7.6 million b/d, up 9.8% from the same 4-week period last year. Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 747,000 b/d. Distillate fuel imports averaged 123,000 b/d.

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