WASHINGTON, D.C., June 25 (ANI) — U.S. commercial crude oil inventories declined during the week ending June 19, even as crude oil imports increased and refinery operations remained at high levels, according to data released by the U.S. Energy Information Administration (EIA).
The EIA reported that commercial crude oil inventories, excluding the Strategic Petroleum Reserve, fell by 6.1 million barrels to 412.1 million barrels during the week. Inventory levels were 7 percent below the five-year average for this time of year.
“Commercial crude oil inventories (excluding the Strategic Petroleum Reserve) decreased by 6.1 million barrels,” the agency said.
According to the report, U.S. refineries processed 17.1 million barrels per day (b/d) of crude oil during the week, down 81,000 b/d from the previous week. Refinery capacity utilization stood at 96.1 percent.
Gasoline production averaged 9.5 million b/d during the period, while distillate fuel production increased to 5.2 million b/d.
The report noted that crude oil imports rose by 436,000 b/d to 5.6 million b/d. However, the four-week average of crude oil imports stood at 5.7 million b/d, which was 4 percent lower than the level recorded during the same period a year earlier.
Gasoline imports averaged 647,000 b/d during the week, while distillate imports averaged 135,000 b/d.
While crude inventories declined, the EIA said inventories of other petroleum products increased. Gasoline inventories rose by 2.1 million barrels but remained 5 percent below the five-year average. Distillate fuel inventories increased by 3.1 million barrels and were still 10 percent below the five-year average.
Propane and propylene inventories increased by 2.6 million barrels and were reported to be 35 percent above the five-year average. Overall, total commercial petroleum inventories declined by 0.5 million barrels during the week, according to the EIA.
The report also highlighted trends in U.S. fuel demand. Over the past four weeks, total products supplied averaged 20.5 million b/d, representing a 2 percent increase compared with the same period last year.
Gasoline implied demand, a key indicator of fuel consumption, declined by 3 percent to 8.8 million b/d. In contrast, distillate implied demand increased by 3 percent to 3.6 million b/d.
Jet fuel demand also showed growth, with implied demand rising 1 percent compared with the corresponding period last year.
The latest data indicates a drawdown in U.S. crude oil inventories amid strong refinery activity, while demand trends remained mixed across different fuel categories. (ANI)
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