Commodities Buzz: US Crude oil imports down 10.3% on year in last four weeks

The US Energy Information Administration of EIA stated yesterday that crude oil imports averaged 6.4 million barrels per day last week, increased by 262 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6 million barrels per day, 10.3% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 755 thousand barrels per day, and distillate fuel imports averaged 114 thousand barrels per day. US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.8 million barrels from the previous week. At 440.4 million barrels, US crude oil inventories are about 6% below the five-year average for this time of year. Total motor gasoline inventories decreased by 2.4 million barrels from last week and are about 3% below the five-year average for this time of year. Both finished gasoline inventories and blending components inventories decreased last week.

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