Commodities Buzz: US Crude oil imports down 13.5% on year in last four weeks

The US Energy Information Administration or EIA has stated in a latest weekly update that crude oil imports averaged 6.1 million barrels per day last week, up 247 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.9 million barrels per day, 13.5% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 747 thousand barrels per day, and distillate fuel imports averaged 141 thousand barrels per day. EIA noted that the US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.3 million barrels from the previous week. At 443.2 million barrels, US crude oil inventories are about 6% below the five-year average for this time of year. Total motor gasoline inventories increased by 0.8 million barrels from last week and are about 2% below the five-year average for this time of year.

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