EIA: US crude stocks continued to decrease on reduced net imports
Propane/propylene inventories went up by 1 million barrels from last week and are 23% above the five-year average.
The Energy Information Administration (EIA) released its weekly petroleum status report for the week ending 21 July 2023 and data showed that the US commercial crude inventories decreased by 0.6 million barrels from the previous week, miles off the 2.35-million-barrel draw predicted by industry experts.
At 456.8 million barrels, US crude inventories are currently 2% above the five-year average.
Reduced net imports were attributed to the smaller-than-expected reduction. Data showed net US crude imports edged down as well by 1.58 million barrels per day.
On the other hand, refineries in the nation operated at 93.4% of their operable capacities dropping from 94.3% from the week prior.
Total motor gasoline inventories went down 0.8 million barrels from the week before, about 7% below the five-year average while distillate fuels shrunk by 0.2 million barrels, roughly 14% below the five-year average. Propane/propylene inventories went up by 1 million barrels from last week and are 23% above the five-year average.