U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.4 million barrels from the previous week. At 518.6 million barrels, U.S. crude oil inventories are about 16% above the five year average for this time of year. U.S. crude oil refinery inputs averaged 14.6 million barrels per day during the week ending July 31, 2020 which was 42,000 barrels per day more than the previous week’s average. Refineries operated at 79.6% of their operable capacity last week. Gasoline production increased last week, averaging 9.3 million barrels per day. Distillate fuel production increased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 6.0 million barrels per day last week, increased by 0.9 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.7 million barrels per day, 18.1% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 657,000 barrels per day, and distillate fuel imports averaged 131,000 barrels per day. Total motor gasoline inventories increased by 419,000 barrels last week and are about 8% above the five year average for this time of year. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories increased by 1.6 million barrels last week and are about 27% above the five year average for this time of year. Propane/propylene inventories increased by 2.3 million barrels last week and are about 13% above the five year average for this time of year. Total commercial petroleum inventories decreased last week by 2.1 million barrels last week.Total products supplied over the last four-week period averaged 18.3 million barrels a day, down by 13.5% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 9.1% from the same period last year. Distillate fuel product supplied averaged 3.6 million barrels a day more than the past four weeks, down by 8.7% from the same period last year. Jet fuel product supplied was down 40.9% compared with the same four-week period last year. Nick Note: Let me tell you what happened. Their was a big draw of crude oil. But minuscule when you consider that global above ground oil inventories are the highest ever. Refineries in a desperate fight for survival misfired. They thought the start of driving season would shoot up demand for gasoline. After all it does every year. Well no cookie. The driving season demand never materialized with 3 big population states and Drive destinations infections are record high levels. That means no demand confirmed by the PAD surveys. The gasoline demand never materialized in Texas, California and Florida….. you can throw in Arizona for good measure. So we see what they sucked out of the market in crude they put back in gasoline swelling inventories