US Crude Oil Inventories Dip Amid Near-Record Refining Capacity

U.S. commercial crude oil inventories decreased by 4.5 million barrels from the previous week, according to data released by the Energy Information Administration (EIA). This brings U.S. crude oil inventories to 424.5 million barrels, which is 1% above the five-year average for this time of year.

Refineries operated at 98% of their operable capacity last week, processing an average of 17.5 million barrels per day. Gasoline production increased, averaging 9.8 million barrels per day, while distillate fuel production decreased to 5.1 million barrels per day.

U.S. crude oil imports averaged 6.8 million barrels per day last week, an increase of 612,000 barrels per day from the previous week. Total motor gasoline inventories decreased by 1.2 million barrels last week and are about 6% below the five-year average for this time of year.