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American 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 US Energy Information Administration (EIA).
The EIA said commercial crude oil inventories, excluding the Strategic Petroleum Reserve, decreased by 6.1 million barrels to 412.1 million barrels during the week. Inventory levels were 7 per cent below the five-year average for this time of the year. It stated, "Commercial crude oil inventories (excluding the Strategic Petroleum Reserve) decreased by 6.1 million barrels". According to the report, US 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 utilisation stood at 96.1 per cent. 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 per cent lower than the level recorded during the same period a year ago. Gasoline imports averaged 647,000 b/d during the week, while distillate imports averaged 135,000 b/d. While crude inventories declined, EIA also mentioned that the inventories of other petroleum products increased. Gasoline inventories rose by 2.1 million barrels but remained 5 per cent below the five-year average. Distillate fuel inventories increased by 3.1 million barrels and were still 10 per cent below the five-year average. Propane and propylene inventories increased by 2.6 million barrels and were reported to be 35 per cent 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 fuel demand in the US. Over the past four weeks, total products supplied averaged 20.5 million b/d, representing a 2 per cent increase compared to the same period last year. Gasoline implied demand, a key indicator of fuel consumption, declined by 3 per cent to 8.8 million b/d. In contrast, distillate implied demand increased by 3 per cent to 3.6 million b/d. Jet fuel demand also showed growth, with implied demand rising 1 per cent compared to the corresponding period last year. The latest data indicates a drawdown in the US crude oil inventories amid strong refinery activity, while demand trends remained mixed across different fuel categories. (ANI)
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