U.S. crude oil inventories, excluding the Strategic Petroleum Reserve, fell by 6.9 million barrels for the week ending August 30, according to the U.S. Energy Information Administration (EIA). The report, usually released earlier in the week, was delayed by a day due to the Labor Day holiday on Monday, September 2.
The EIA report showed that U.S. crude oil stocks now stand at 418.3 million barrels, about 5% below the five-year average for this time of year.
Motor gasoline inventories saw a rise of 800,000 barrels during the same week, placing them about 2% below the five-year average. Both finished gasoline and blending components inventories increased, while distillate fuel inventories dropped by 400,000 barrels, leaving them 10% below the five-year seasonal average.
Propane-propylene stocks increased significantly by 2.6 million barrels, pushing them to 12% above the five-year average for this period, according to the EIA.
U.S. crude oil refinery inputs averaged 16.9 million barrels per day (b/d) for the week ending August 30, which marked an increase of 36,000 b/d compared to the previous week. Refineries operated at 93.3% of their total capacity.
Gasoline production saw a rise, averaging 9.7 million b/d, while distillate fuel production also increased, averaging 5.2 million b/d.
Crude oil imports into the U.S. averaged 5.8 million b/d, a decrease of 768,000 b/d from the prior week. Over the past four weeks, crude oil imports averaged 6.3 million b/d, down 8% compared to the same period last year. Meanwhile, motor gasoline imports averaged 655,000 b/d, and distillate fuel imports averaged 182,000 b/d during the same time frame.