EIA: US crude and motor gasoline inventories dip, propane stocks rise

According to the latest Energy Information Administration (EIA) report, US commercial crude oil inventories dropped by 6.4 million barrels, reaching 453.6 million barrels. This marks a 1.4% decrease from the previous week and a 1.6% decline from a year ago.

At 453.6 million barrels, US crude oil inventories are approximately 3% below the five-year average for this time of year. Crude oil imports edged up to 6.5 million barrels per day (bpd), a slight increase from the prior week.

Total motor gasoline inventories saw a modest decline of 0.6 million barrels or 0.3%, while motor gasoline imports averaged at 780,000 bpd.

Meanwhile, propane/propylene stocks rose by 1.0 million barrels to 56.7 million barrels, showing a 1.8% spike from the previous week and a 14% surge above the five-year average for this period.

Overall, the data suggests a nuanced landscape in the energy market, with notable shifts in crude oil and propane inventories.