Significant Decrease in US Crude Inventories

In a recent report by the Energy Information Administration (EIA), it was revealed that commercial crude oil inventories in the United States, excluding the Strategic Petroleum Reserve, experienced a notable decrease of 3.9 million barrels. This brings the total down to 422.2 million barrels for the week ending July 11.

Current Inventory Levels and Refinery Operations

Currently, US inventories are approximately 8% below the five-year average for this period. Refinery operations saw crude oil inputs averaging 16.8 million barrels per day, marking a decrease of 158,000 barrels per day from the previous week's average.

Refinery Capacity and Production Adjustments

Refineries operated at 93.9% of their capacity, a slight dip from the prior week. Despite this, gasoline production saw an uptick, averaging 9.9 million barrels per day. Additionally, crude oil imports into the US rose by 366,000 barrels per day, reaching an average of 6.4 million barrels per day.

Overall Petroleum Inventory Trends

On a broader scale, total commercial petroleum inventories witnessed an increase of 9.3 million barrels, indicating fluctuating dynamics in the oil market.