US crude oil inventories for the week ended Dec. 29, excluding the Strategic Petroleum Reserve, decreased by 5.5 million bbl from the previous week, according to data from the US Energy Information Administration.
The data was released a day later than usual due to the New Year’s holiday on Jan. 1.
At 431.1 million bbl, US crude oil inventories are about 2% below the 5-year average for this time of year, the EIA report indicated.
EIA said total motor gasoline inventories increased by 10.9 million bbl from last week and are slightly above the 5-year average for this time of year. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories increased by 10.1 million bbl and are about 6% below the 5-year average for this time of year.
Propane-propylene inventories decreased by 2.0 million bbl from last week and are about 13% above the 5-year average for this time of year, EIA said.
US crude oil refinery inputs averaged 16.7 million b/d for the week ended Dec. 29, about 121,000 b/d more than the previous week’s average. Refineries operated at 93.5% of capacity.
Gasoline production decreased, averaging 8.8 million b/d. Distillate fuel production increased, averaging 5.2 million b/d.
US crude oil imports averaged 6.9 million b/d, up 619,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 6.6 million b/d, 7.0% more than the same 4-week period last year. Total motor gasoline imports averaged 659,000 b/d. Distillate fuel imports averaged 194,000 b/d.