Significant Increase in US Crude Oil Inventories

The Energy Information Administration (EIA) reported a notable increase in commercial crude oil inventories in the United States, excluding the Strategic Petroleum Reserve, by 7.7 million barrels for the week ending on July 25.

Current Inventory Levels and Refinery Operations

Currently, US inventories stand approximately 6% below the five-year average for this time of year. Crude oil refinery inputs were recorded at 16.9 million barrels per day, a slight decrease of 25,000 barrels per day from the previous week's average.

Refinery Capacity and Production Trends

Refineries operated at 95.4% of their operable capacity, showing a minor decline from the prior week. Meanwhile, gasoline production saw an uptick, averaging 10.0 million barrels per day.

Crude Oil Imports and Total Petroleum Inventories

Crude oil imports increased by 159,000 barrels per day compared to the previous week, averaging 6.1 million barrels per day. Total commercial petroleum inventories experienced a significant rise of 7.1 million barrels.