EIA: US crude stockpiles increase 1.2 million bbl

US crude oil inventories, excluding the Strategic Petroleum Reserve, increased 1.2 million bbl for the week ended June 29, according to US Energy Information Administration data. EIA released the Weekly Petroleum Status Report a day later than normal because of the US Independence Day holiday on July 4. At 417.9 million bbl, US crude oil inventories are about 2% below the 5-year average for this time of year, the Weekly Petroleum Status Report indicated.

The report said total motor gasoline inventories decreased 1.5 million bbl and are 6% above the 5-year range.

Finished gasoline inventories and blending components inventories both decreased last week. Distillate fuel inventories increased by 100,000 bbl last week and are 13% below the 5-year average for this time of year. Propane-propylene inventories increased 2.9 million bbl last week and are 10% below the 5-year average for this time of year, EIA said. US refinery inputs averaged 17.7 million b/d for the week ended June 29, about 163,000 b/d less than the previous week’s average. Refineries operated at 97.1% of capacity. Gasoline production increased, averaging 10.3 million b/d. Distillate fuel production increased, averaging 5.5 million b/d. US crude oil imports averaged 9.1 million b/d, up 699,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 8.4 million b/d, 6.6% more than the same period last year. Total motor gasoline imports averaged 648,000 b/d. Distillate fuel imports averaged 92,000 b/d.