Crude oil inventories rose 3.8 million barrels in the July 27 week to 408.7 million, 15.2 percent below their level a year ago. Product inventories were mixed, with gasoline down 2.5 million barrels to 231.00 million, 1.4 percent above year ago level, while distillates rose 3.0 million barrels to 124.2 million, down 16.9 percent year-on-year. The crude oil increase was smaller than the 5.6 million draw reported Tuesday by the American Petroleum Institute (API), a private industry group, and the decline in gasoline was larger than the API draw of 0.8 million barrels. WTI prices, which fell sharply earlier on the back of the API data, rose about 30 cents to around $68.15 per barrel following the release of the EIA report.
Refineries ramped up operations during the week to 96.1 percent of their operable capacity, up 3.3 percentage points from the prior week. Production increased, with gasoline averaging 10.5 million barrels per day and distillates averaging 5.2 million barrels per day.
Crude oil imports decreased by 21,000 barrels per day during the week, averaging 7.7 million barrels per day. The 4-week average fell to 8.0 million barrels per day, 0.4 percent above the level a year ago.
Domestic crude oil production was roughly unchanged, with the 4-week average remaining at 11.0 million barrels per day, 16.3 percent more than last year at this time.
Overall product demand remained steady, averaging 20.9 million barrels per day over the last 4 weeks, up by 0.6 percent from the same period last year. Demand for the main product was mixed, steady for supplied gasoline, averaging 9.7 million barrels per day and down 0.9 percent year-on-year, but weaker for supplied distillates, which fell to an average of 3.9 million barrels per day, 5.9 percent below the year ago level.