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US Total Crude Oil Stocks Fall in Week Ended June 26

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US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 9.3 million barrels in the week ended June 26 following a decrease of 15.1 million barrels in the previous week.

Excluding inventories in the SPR, commercial crude oil stocks declined by 3.8 million barrels after a 6.1 million barrel decrease in the previous week, a larger decline than the 2.2 million barrel decrease expected in a survey compiled by Bloomberg.

Stocks in the SPR fell by 5.5 million in the week after decreasing by 9.1 million in the previous week.

Overall crude oil stocks were down 1.3% from the previous week and 10.7% lower than a year earlier. Crude oil inventories are about 7% below the five-year average for this time of the year.

Gasoline stocks declined by 2.3 million barrels, a larger decline than the 0.9 million barrel decrease expected. Gasoline stocks were down 1.1% from the previous week and 7.8% down from a year earlier.

Distillate stocks increased by 2.5 million barrels in the current week, compared with an expected increase of 1.0 million barrels. Distillate stocks were up 2.3% from the previous week and were 4.8% higher than in the same week a year ago.

Refineries operated at 96.6% of their capacity, up from 96.1% in the previous week.

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