US crude oil inventories grew more than expected in the last week of July, with the production of gasoline and distillate fuel both up for the week.
- Commercial crude inventories increased by 3.6 million barrels for the week ending July 30, higher than the 2.94 million barrels expected.
- Total inventories stood at 439.2 million barrels, 6% below the five-year average.
- Refinery inputs averaged 15.9 million barrels, 46,000 barrels per day higher than the previous week.
- Gasoline production increased to an average of 10.2 million barrels per day, while distillate fuel production climbed to 4.9 million barrels per day.
- Total motor gasoline decreased by 5.3 million barrels, surpassing the 1.36 million barrels expected, as finished gasoline and blending components inventories fell.
- Total products supplied in the last month averaged 20.5 million barrels a day, up 12.4% year-on-year.
- The four-week moving average for motor gasoline climbed 8.8% to 9.4 million barrels a day, and distillate fuel up 5.7% to 3.8 million barrels a day.
- Jet fuel product supplied for the period was up 42.9% versus the same period in 2020.