US crude oil inventories down by 0.8% for week ending July 18

US commercial crude oil inventories decreased by 0.8% during the week ending July 18, according to data released by the Energy Information Administration (EIA) late Wednesday.

Inventories fell by around 3.2 million barrels to 419 million barrels, surpassing market expectations of a 1.4 million-barrel draw.

Strategic petroleum reserves, which are excluded from commercial crude stocks, decreased by 200,000 barrels to 402.5 million barrels, the data revealed.

Over the same period, gasoline inventories decreased by around 1.7 million barrels to 231.1 million.

– Crude production falls

EIA data showed that US crude oil production decreased by 102,000 barrels per day (bpd) to about 13.27 million bpd during the week ending July 18.

US crude oil imports fell by 403,000 bpd to approximately 5.97 million bpd, while exports rose by 337,000 bpd to around 3.85 million bpd over the same period.

In the Short-Term Energy Outlook (STEO) released on July 8, the EIA projected that crude oil output in the country would average 13.37 million bpd in 2025.

• EIA
• Short-Term Energy Outlook (STEO)