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US Total Crude Oil Stocks Fall in Week Ended June 19

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US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 15.1 million barrels in the week ended June 19 following a decrease of 17.2 million barrels in the previous week.

Excluding inventories in the SPR, commercial crude oil stocks declined by 6.1 million barrels after an 8.3-million-barrel decline in the previous week, a larger decrease than the 3.6 million barrel decrease expected in a survey compiled by Bloomberg.

Stocks in the SPR fell by 9.1 million in the week after falling by 8.9 million in the previous week.

Overall crude oil stocks were 2.0% down from the previous week and 9.1% lower than a year earlier. Crude oil inventories are about 7% below the five-year average for this time of the year.

Gasoline stocks rose by 2.1 million barrels, compared with the 1.1 million barrel decrease expected. Gasoline stocks were up 1.0% from the previous week, but down 5.1% from a year earlier.

Distillate stocks increased by 3.1 million barrels in the current week, compared with an expected decrease of 1.1 million barrels. Distillate stocks were 3.0% higher than the previous week and 0.7% higher than in the same week a year ago.

Refineries operated at 96.1% of their capacity, down from 96.7% in the previous week.

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