Sharp Decline 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 experienced a notable decrease of 3.2 million barrels, bringing the total down to 419 million barrels for the week ending July 18.

Current Inventory Levels and Refinery Operations

Currently, US inventories are approximately 9% below the five-year average for this period. Refineries have been operating at 95.5% of their capacity, a slight increase from the previous week, with crude oil refinery inputs averaging 16.9 million barrels per day.

Production and Import Trends

Gasoline production saw an uptick, averaging 9.4 million barrels per day. Conversely, crude oil imports decreased by 403,000 barrels per day, averaging 6 million barrels per day. Overall, total commercial petroleum inventories fell by 5.2 million barrels.