Crude oil inventories fell by 4.7 million barrels in the July 14 week to 490.6 million, paring down the year-on-year gain by 0.5 percentage points to 0.4 percent. Product inventories also declined, with gasoline down 4.4 million barrels to 231.2 million, 4.1 percent below last year's level at this time, and distillates down 2.1 million barrels to 151.4 million, down 0.9 percent year-on-year.
Crude oil imports were up by 386,000 barrels per day in the week to an average of 8.0 million per day, but imports over the last four weeks averaged 7.8 million per day, 1.7 percent below last year's level for the period.
Refineries operated at 94.0 percent of their operable capacity, down 0.5 percentage points from last week, with production decreasing to an average of 10.1 million barrels per day for gasoline and 4.9 million per day for distillates.
Product demand edged slightly higher, with total product supplied over the last four week averaging 20.8 million per day, up 2.1 percent from the same period last year. But motor gasoline supplied was stagnant at 9.7 million barrels per day, down 0.8 percent from the same period last year. Supplied distillates, however, averaged 4.1 million barrels per day, up by a sharp 9.9 percent from last year.