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Update: Weekly US Crude Inventories Drop by 8.3 Million Barrels, EIA Says

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(Updated with additional details.)

US commercial crude oil inventories decreased by 8.3 million barrels to 418.2 mmbbls in the week ended June 12, the Energy Information Administration said in its weekly report on Wednesday.

Crude inventories are now about 6% below the five-year average for this time of year, the EIA said. The decline exceeds Macquarie's forecast of a 6.1-mmbbl draw for the week ending June 5.

US Strategic Petroleum Reserve inventories dropped to 340.3 mmbbls for the week ended June 12, down from 349.2 mmbbls a week ago, marking a weekly decline of 8.9 mmbbls, EIA data showed.

Crude oil input to refineries increased by 230,000 barrels per day from the previous week to average about 17.2 mmb/d in the week ending June 12. Crude oil production rose by 7,000 b/d to 13.8 mmb/d.

Commercial crude imports decreased by 754,000 b/d to average about 5.1 mmb/d. Total motor gasoline stockpiles decreased by 900,000 b/d from last week to 214.2 mmbbls, and distillate stocks increased by 1 mmb/d to 103.1 mmbbls, the agency said.

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