EIA Weekly Petroleum Status Report: U.S. Crude Oil Inventories Dipped

SEATTLE (Oil Monster): The weekly Petroleum Status Report published by the U.S. Energy Information Administration (EIA) indicates that the U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), recorded marginal decline by 3.4 million barrels during the week ending 5 July, 2024, when compared with the prior week.

According to the EIA report, the U.S. crude oil stocks, not including the SPR, stood at 445.1 million barrels on July 5, 2024. The crude oil inventories are down by almost 4% upon comparison with the five-year averages. Meantime, crude oil in the SPR stood at 373.1 million barrels. During the latest week, the total U.S. petroleum stocks stood at 1.658 billion barrels, up by 33.8 million barrels year on year.

The distillate fuel inventories rose by 4.9 million barrels during the latest week, but are still down by around 8% from the five-year average for this time of the year. The U.S. crude oil refinery inputs averaged 17.1 million barrels per day during the week ending July 5. The refineries operated at 95.4% of their total processing capacity last week.

The U.S. crude oil imports averaged at 6.8 million barrels per day last week, higher by 214,000 barrels per day from the just prior week. Over the past one-month period, crude oil imports averaged at about 6.7 million barrels per day.