Crude oil and gasoline inventories in the U.S. moved down during the week ended July 27, official data showed Wednesday.
The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories decreased by 6.50 million barrels to 373.60 million barrels last week, but are above the upper limit of the average range for this time of year.
The week before, crude oil inventories increased by 2.70 million barrels to 380.10 million barrels.
Moreover, total motor gasoline inventories moved down by 2.20 million barrels last week, after increasing by 4.10 million barrels in the prior week, and are in the lower half of the average range.
Late Tuesday, data from the API revealed that U.S. crude oil inventories dived 11.60 million barrels and gasoline stocks shed 1.30 million barrels in the week ended July 27.
Oil refinery inputs averaged about 15.60 million barrels per day during the week, which were 225,000 barrels per day below the previous week's average as refineries operated at 92.20 percent of their operable capacity.
Meantime, U.S. crude oil imports during the week averaged 8.40 million barrels per day last week, down by 1.20 million barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged 8.90 million barrels per day, which were 428,000 barrels per day below the same four-week period last year.
Light Sweet Crude Oil (WTI) futures for September delivery are adding $0.52 to $88.58 a barrel.
by RTT Staff Writer
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