Crude oil inventories fell sharply by 9.9 million barrels in the June 22 week to 416.6 million, 18.2 percent below their level a year ago. Gasoline inventories rose 1.2 million barrels to 241.2 million, 0.1 percent above last year at this time, while distillates remained unchanged from the prior week at 117.4 million, 22.9 percent lower year-on-year. The exceptionally large draw in crude oil inventories slightly exceeded the 9.2 million decrease reported Tuesday by the American Petroleum Institute (API), a private industry group. WTI prices, which were lifted sharply higher on the back of the API data, rose by another 65 cents to around $72.55 per barrel immediately following the release of the EIA report.
Refineries ramped up to operate at 97.5 percent of their operable capacity, with gasoline production increasing, averaging about 10.1 million barrels per day, but the production of distillates falling to an average of 5.4 million barrels per day.
Crude oil imports rose by 114, 000 barrels per day in the week, averaging 8.4 million barrels per day. Over the last 4 weeks, crude oil imports averaged 8.3 million barrels per day, 2.4 percent more than in the same period last year.
Domestic crude oil production over the last 4 weeks averaged 10.9 million barrels per day, 16.8 percent more than last year at this time.
Overall product demand was roughly unchanged, with total product supplied over the last 4 weeks averaging 20.4 million barrels per day, 1.5 percent above the level in the same period a year ago. Demand for the main products softened, with gasoline supplied averaging 9.5 million barrels per day, down 0.1 percent from the same time a year ago, while supplied distillates averaged 3.8 million barrels per day, down 2.5 percent year-on-year.