EIA: US crude inventories drop 12.8 million bbl

US crude oil inventories for the week ended June 21, excluding the Strategic Petroleum Reserve, decreased by 12.8 million bbl from the previous week, according to data from the US Energy Information Administration.

Separately, the American Petroleum Institute said its own estimates showed US crude inventories decreased by 7.5 million bbl for the week.

At 469.6 million bbl, US crude oil inventories are 5% above the 5-year average for this time of year, the report indicated.

EIA said total motor gasoline inventories decreased by 1 million bbl and are at the 5-year range for this time of year. Finished gasoline inventories increased while blending component inventories decreased last week. Distillate fuel inventories decreased by 2.4 million bbl and are about 7% below the 5-year average for this time of year.

Propane-propylene inventories increased by 1.4 million bbl last week and are about 13% above the 5-year average for this time of year, EIA said.

US refinery inputs averaged 17.3 million b/d for the week ended June 21, about 73,000 b/d more than the previous week’s average. Refineries operated at 94.2% of capacity.

Gasoline production increased, averaging 10.5 million b/d. Distillate fuel production decreased, averaging 5.3 million b/d.

US crude oil imports averaged 6.7 million b/d, down 812,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 7.4 million b/d, 10.2% less than the same period last year. Total motor gasoline imports averaged 816,000 b/d. Distillate fuel imports averaged 33,000 b/d.