Crude oil inventories rose 1.2 million barrels in the June 29 week to 417.9 million, 16.9 percent below their level a year ago. In products, gasoline inventories fell 1.5 million barrels to 239.7 million and were 1.0 percent higher than last year at this time, while distillates rose 0.1 million barrels to 117.6 million, down 21.8 percent year-on-year. The crude oil build was in sharp contrast to the 4.5 million draw reported Tuesday by the American Petroleum Institute (API), a private industry group, and the draw in gasoline was smaller than the API's 3.1 million barrel decline. WTI prices, which rallied on the back of the bullish API data, fell sharply by about 90 cents to around $73.05 per barrel immediately following the release of the EIA report.
Refineries operated at near full capacity of 97.1 percent but this was 0.4 percentage points below the prior week's operation level. Production of gasoline nevertheless rose to 10.3 million barrels per day, as did gasoline production, averaging 5.5 million barrels per day.
Crude oil imports rose by 699,000 barrels per day, averaging 9.1 million per day in the week. Over the last 4 weeks, crude oil imports averaged 8.4 million barrels per day, 6.6 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, 17.0 percent more than last year at this time.
Overall product demand was stable, with total product supplied over the last 4 weeks averaging 20.9 million barrels per day, 1.4 percent above the level in the same period a year ago. Demand for the main products was mixed, with gasoline supplied averaging 9.7 million barrels per day, up 1.2 percent from the same time last year, while distillates supplied averaged 4.0 million barrels per day, down 3.5 percent year-on-year.