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US Crude Oil Inventory Growth Surpasses Expectations with 3.6 Million Barrels

August 4, 2021 by Forex Winner Leave a Comment

US Crude Oil Inventory Growth Surpasses Expectations with 3.6 Million Barrels

Source: US Energy Information Administration

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.

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