Data from the US Energy Information Administration (EIA) showed commercial crude inventories in the country fell 10.61 million barrels to 525.97 million barrels during the week ended July 24, the lowest in 14 weeks, but remained 17% higher than the five-year average for this time of year. The decrease is attributed to an uptick in crude exports and higher demand from domestic refineries.
The decline mostly took place in the US Gulf Coast where inventory draw reached 10.46 million barrels, bringing the region’s total stocks to 295.51 million barrels. In the US West Coast, crude stockpiles decreased 1.7 million barrels to the lowest since mid-March at 52.75 million barrels. Meanwhile, inventories at Cushing, Oklahoma, rose 1.31 million barrels to 51.42 million barrels, the highest in eight weeks. Total stocks in the US Midwest were up 2.23 million barrels to 139.74 million barrels. Inventories at the Strategic Petroleum Reserve were steady at 656.15 million barrels.
Total gasoline inventories increased 650,000 barrels to 247.39 million barrels, 7.9% higher than the five-year average. Meanwhile, distillate stocks climbed 500,000 barrels to 178.39 million barrels, the highest in 38 years. Product demand, measured as total product supplied, jumped 1.44 million bpd to 19.1 million bpd, 10% below the year-ago levels. Distillate consumption surged nearly 13% to 3.64 million bpd, while gasoline demand rose 3% on the week, tp 8.81 million bpd.
