EIA: US crude inventories fall 2.5 million bbl

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, fell 2.5 million bbl during the week ended July 8 compared with the previous week’s total, according to the US Energy Information Administration’s latest Petroleum Status Report.

At 521.8 million bbl, crude stockpiles remain at historically high levels for this time of year. EIA last week reported a 2.2-million draw for the week ended July 1 (OGJ Online, July 7, 2016).

Analysts surveyed by The Wall Street Journal estimated a 2.6 million-bbl drop for the week ended July 8.

Separate data for the week from the American Petroleum Institute indicated a 2.2 million-bbl increase.

Total motor gasoline inventories, meanwhile, rose 1.2 million bbl last week, and are well above the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased.

Distillate fuel inventories gained 4.1 million bbl, and are well above the upper limit of the average range for this time of year. Propane-propylene inventories rose 2.6 million bbl, and are at the upper limit of the average range. Total commercial petroleum inventories increased 7.1 million bbl.

US crude refinery inputs during the week ended July 8 averaged 16.5 million b/d, down 143,000 b/d from the previous week’s average. Refineries operated at 92.3% of their operable capacity last week.

Gasoline production and distillate fuel production each increased to 10.2 million b/d and 5 million b/d, respectively.

US crude imports averaged 7.8 million b/d, down 522,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 8.1 million b/d, an increase of 11.2% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 820,000 b/d last week. Distillate fuel imports averaged 57,000 b/d.

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