Crude oil inventories fell sharply by 7.6 million barrels in the July 7 week to 495.4 million, 0.9 percent above the level in the same period a year ago. Product inventories were mixed, with gasoline down 1.6 million barrels to 235.7 million, 1.8 percent below the year ago level, while distillates rose by 3.1 million barrels to 153.6 million, 0.4 percent above last year.
Crude oil imports fell 132,000 barrels per day in the week to an average of 7.6 million barrels per day. Over the last four weeks, crude oil imports averaged 7.8 million barrels, 3.0 percent below the level in the same period last year.
Refineries operated at 94.5 percent of their operable capacity, up 0.9 percentage points from last week, increasing their production of gasoline and distillates to an average of 10.5 million and 5.3 million barrels per day, respectively.
Product demand increased over the last four weeks, with total product supplied averaging 20.7 million barrels per day, up 2.8 percent from the same period last year. Gasoline products supplied during the period increased to an average of 9.7 million barrels per day, down 0.3 percent year-on-year, while distillate products supplied averaged 4.1 million barrels per day, 8.8 percent above the same four-week period last year.