U.S. commercial crude-oil inventories fell by about 3.2 million barrels in the week ended July 18, the Energy Information Administration said, pushing stocks to fresh seasonal lows. Supplies at the Cushing, Oklahoma delivery hub rose 455,000 barrels. Gasoline inventories dropped 1.7 million barrels, while distillate stocks increased 2.9 million barrels, easing some of the tightness in diesel but extending the draw in motor-fuel supplies ahead of peak summer driving. Domestic crude production averaged 13.273 million barrels a day, down 102,000 barrels from the prior week, the first notable decline in several weeks. Refineries ran at 95.5% of capacity and processed 16.936 million barrels a day of crude. Implied product demand surged by 2.586 million barrels a day to 21.77 million, led by a rebound in gasoline consumption and higher propane and propylene uptake. Total U.S. petroleum exports reached 10.554 million barrels a day, underscoring firm overseas appetite for American fuels.
EIA reported -3.2 million bbls or in-line with our estimate. Implied US crude oil production is around 13.03 million b/d today. https://t.co/x9SxM6ZKd2
US commercial petroleum inventories fell by 5.1 MMbbl last week, driven by crude (-3.2) back down to fresh trailing seasonal lows and gasoline (-1.7) rolling over, while diesel stocks rose by 2.9 MMbbl off their exceptionally low levels. https://t.co/v2MLZFmoLF
Charts on US petroleum inventories in million barrels (EIA) #oott https://t.co/eY5zaytwki