US crude oil inventories fell by 3.7 million barrels for the week ending August 2, according to the latest data from the US Energy Information Administration (EIA). This decrease excludes the Strategic Petroleum Reserve.
The current inventory level stands at 429.3 million barrels, which is approximately 6% below the five-year average for this time of year.
The EIA also reported an increase in total motor gasoline inventories by 1.3 million barrels from the previous week. However, these inventories remain about 2% below the five-year average for this period. The rise in finished gasoline inventories was offset by a decrease in blending components.
Distillate fuel inventories saw a gain of 900,000 barrels last week but are still 6% below the five-year average.
Propane-propylene inventories rose by 500,000 barrels, bringing them 13% above the five-year average.
Refinery inputs of crude oil averaged 16.4 million barrels per day for the week, an increase of 252,000 barrels per day from the prior week. Refineries operated at 90.5% of their capacity. Gasoline production also went up, averaging 10.0 million barrels per day, while distillate fuel production increased to an average of 5.0 million barrels per day.
US crude oil imports averaged 6.2 million barrels per day, a decline of 729,000 barrels per day from the previous week. Over the past four weeks, imports averaged about 6.8 million barrels per day, 0.7% higher than the same period last year. Motor gasoline imports averaged 630,000 barrels per day, and distillate fuel imports averaged 115,000 barrels per day.