Oil Inventories Crashing Confirmed by the EIA

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 9.5 million barrels from the previous week. At 459.0 million barrels.
Total motor gasoline inventories decreased by 1.5 million barrels last week and are at the five year average for this time of year.
U.S. crude oil inventories are about 4% above the five year average for this time of year. U.S. crude oil refinery inputs averaged 17.4 million barrels per day during the week ending July 5, 2019, which was 148,000 barrels per day more than the previous week’s average.  Refineries operated at 94.7% of their operable capacity last week. Gasoline
production increased last week, averaging 10.4 million barrels per day. Distillate fuel production increased last week, averaging 5.4 million barrels per day. U.S. crude oil imports averaged 7.3 million barrels per day last week, down by 284,000
barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.3 million barrels per day, 12.3% less than the same four -week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 871,000 barrels per day, and distillate fuel imports averaged 181,000 barrels per day.
Finished gasoline inventories increased
while blending components inventories decreased last week. Distillate fuel inventories increased by 3.7 million barrels last week and are about 5% below the five year average for this time of year. Propane/propylene inventories decreased by 0.2 million barrels last week and are about 7% above the five year average for this time of year. Total
commercial petroleum inventories decreased last week by 3.8 million barrels last week. Total products supplied over the last four -week period averaged 20.9 million barrels per day, up by 2.5% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.7 million barrels per day, up by 1.2% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels per day over the past four weeks, up by 0.3% from the same period last year. Jet fuel product supplied was
down 3.9% compared with the same four
-week period last year.