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Update: Weekly US Crude Inventories Drop by 6.1 Million Barrels, EIA Says

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(Updated with additional details.)

US commercial crude oil inventories decreased by 6.1 million barrels to 412.1 mmbbls in the week ended June 19, the Energy Information Administration said in its weekly report on Wednesday.

Crude inventories are now about 7% below the five-year average for this time of year, the EIA said.

The decline exceeds Macquarie's forecast of a 1.9-mmbbl draw for the week ending June 19.

US Strategic Petroleum Reserve inventories dropped to 331.2 mmbbls for the week ended June 19, down from 340.3 mmbbls a week ago, marking a weekly decline of 9.1 mmbbls, EIA data showed.

Crude oil input to refineries decreased by 81,000 barrels per day from the previous week to average about 17.1 mmb/d in the week ending June 19. Crude oil production rose by 13,000 b/d to 13.8 mmb/d.

Commercial crude imports increased by 436,000 b/d to average about 5.6 mmb/d. Total motor gasoline stockpiles increased by 2.1 mmb/d from last week to 216.3 mmbbls, and distillate stocks increased by 3.1 mmb/d to 106.1 mmbbls, the agency said.

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