Crude oil inventories fell 4.1 million barrels in the June 8 week to 432.4 million, 15.5 percent below their level a year ago. Product inventories also declined, with gasoline down 2.3 million barrels to 236.8 million, 2.3 percent below last year at this time, and distillates down 2.1 million barrels to 114.7 million, 24.3 percent lower year-on-year. The draws in crude oil and products were in sharp contrast to the builds (0.8 million for crude oil, 2.3 million for gasoline and 2.1 million for distillates) reported Tuesday by the American Petroleum Institute, a private industry group. WTI prices jumped up about 60 cents to around $66.70 immediately following the release of the EIA report.
Refineries ramped up to operate at 95.7 percent of their operable capacity, up 0.3 percentage points from the prior week. Gasoline production increased, averaging about 10.5 million barrels per day, but the production of distillates declined, averaging 5.1 million barrels per day.
Crude oil imports fell to an average of 8.1 million barrels per day, down 247,000 barrels per day from the previous week. Over the last 4 weeks, crude oil imports averaged 8.1 million barrels per day, 1.3 percent less than in the same period last year.
Domestic crude oil production over the last 4 weeks averaged 10.8 million barrels per day, 15.8 percent more than in the comparable period last year.
Overall product demand firmed after recent weakness, with total products supplied over the last 4 weeks averaging 20.4 million barrels per day, 1.7 percent above the level in the same period a year ago. Demand for the main products also improved, with gasoline supplied averaging 9.6 million barrels per day during the period, up 0.3 percent from the same time a year ago, while supplied distillates averaged 4.0 million barrels per day, down 0.5 percent year-on-year.