U.S. crude oil inventories, excluding the Strategic Petroleum Reserve, fell by 800,000 barrels during the week ending August 23, according to data released by the U.S. Energy Information Administration (EIA).
As of the end of that week, total U.S. crude oil stocks stood at 425.2 million barrels, which is approximately 4% below the five-year average for this time of year, as highlighted in the EIA’s report.
The EIA also reported a decline in total motor gasoline inventories, which decreased by 2.2 million barrels compared to the previous week. These gasoline inventories are now about 3% below the five-year average for this time of year. The report noted a drop in finished gasoline inventories, while blending components saw an increase.
Distillate fuel inventories experienced a rise of 300,000 barrels last week, though they remain about 10% below the five-year average. In contrast, propane-propylene inventories rose by 1.0 million barrels and are currently 12% above the five-year average for this time of year.
Refinery inputs of U.S. crude oil averaged 16.9 million barrels per day (b/d) for the week ending August 23, an increase of 175,000 b/d from the previous week’s average. Refineries operated at 93.3% of their capacity.
Gasoline production, however, saw a decrease, averaging 9.6 million b/d, while distillate fuel production increased to an average of 5.0 million b/d.
U.S. crude oil imports averaged 6.6 million b/d, a decrease of 92,000 b/d from the previous week. Over the last four weeks, crude oil imports have averaged about 6.4 million b/d, marking a 6.1% decline compared to the same four-week period last year. Total motor gasoline imports averaged 867,000 b/d, and distillate fuel imports averaged 220,000 b/d.