Significant Drop in US Crude Inventories

According to the latest report from the Energy Information Administration (EIA), commercial crude oil inventories in the United States have decreased by 3 million barrels in the week ending August 1. This notable decline brings the inventories to approximately 6% below the five-year average for this time of year.

Refinery Operations and Production

Crude oil refinery inputs saw an increase, averaging 17.1 million barrels per day, which is 213,000 barrels per day more than the previous week's average. Refineries operated at a high capacity of 96.9%, showing an improvement from the week before. However, gasoline production experienced a slight decrease, averaging 9.8 million barrels per day.

Changes in Crude Oil Imports

The United States witnessed a 9.7% decrease in crude oil imports compared to the same period last year, with imports averaging 6.1 million barrels per day. Despite the drop in crude inventories, total commercial petroleum inventories saw an increase of 2.1 million barrels.