EIA: US crude inventories down 3.7 million bbl

US crude oil inventories for the week ended Aug. 2, excluding the Strategic Petroleum Reserve, decreased by 3.7 million bbl from the previous week, according to data from the US Energy Information Administration.

At 429.3 million bbl, US crude oil inventories are about 6% below the 5-year average for this time of year, the EIA report indicated.

EIA said total motor gasoline inventories increased by 1.3 million bbl from last week and are about 2% below the 5-year average for this time of year. Finished gasoline inventories increased, while blending components inventories decreased last week. Distillate fuel inventories increased by 900,000 bbl last week and are 6% below the 5-year average for this time of year.

Propane-propylene inventories increased by 500,000 bbl from last week and are 13% above the 5-year average for this time of year, EIA said.

US crude oil refinery inputs averaged 16.4 million b/d for the week ended Aug. 2, which was 252,000 b/d more than the previous week’s average. Refineries operated at 90.5% of capacity.

Gasoline production increased, averaging 10.0 million b/d. Distillate fuel production increased, averaging 5.0 million b/d.

US crude oil imports averaged 6.2 million b/d, down 729,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged about 6.8 million b/d, 0.7% more than the same 4-week period last year. Total motor gasoline imports averaged 630,000 b/d. Distillate fuel imports averaged 115,000 b/d.