EIA Weekly Petroleum Report - July 2

[dan_s]

Summary of Weekly Petroleum Data for the week ending June 27, 2025

U.S. crude oil refinery inputs averaged 17.1 million barrels per day during the week ending June 27, 2025, which was 118 thousand barrels per day more than the previous week’s average.
Refineries operated at 94.9% of their operable capacity last week.
Gasoline production decreased last week, averaging 9.6 million barrels per day.
Distillate fuel production increased by 244 thousand barrels per day last week, averaging 5 million barrels per day.

U.S. crude oil imports averaged 6.9 million barrels per day last week, increased by 976 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.1 million barrels per day, 13.9% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 906 thousand barrels per day, and distillate fuel imports averaged 118 thousand barrels per day.

Inventories:
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.8 million barrels from the previous week. At 419 million barrels, U.S. crude oil inventories are about 9% below the five year average for this time of year.
> Total motor gasoline inventories increased by 4.2 million barrels from last week and are about 1% below the five year average for this time of year. Both Finished gasoline inventories and blending components inventories increased last week.
> Distillate fuel inventories decreased by 1.7 million barrels last week and are about 21% below the five year average for this time of year. < I've never seen distillate inventories this low.
> Propane/propylene inventories increased by 3 million barrels from last week and are 11% above the five year average for this time of year.
>> Total commercial petroleum inventories increased by 9.4 million barrels last week.

Total products supplied over the last four-week period averaged 20.3 million barrels a day, down by 1.1% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.2 million barrels a day, down by 0.1% from the same period last year.
Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, up by 0.6% from the same period last year.
Jet fuel product supplied was up 2.4% compared with the same four-week period last year.

[dan_s]

At the time of this post, WTI (AUG25 futures contract) is up $1.43 to $66.88/bb.

Crude oil and gasoline prices today are mixed, with crude prices climbing to a 1-week high. Crude has support on concerns that Middle East tensions could flare up again after Iran moved to cut off communications with the International Atomic Energy Agency (IAEA). Gains in crude are limited due to a stronger dollar and an unexpected build in weekly EIA crude inventories.

Crude oil prices are supported after Iran moved to cut off communications with the IAEA, which could prompt the US and or Israel to launch additional attacks on Iran's nuclear sites. President Trump said the US will "be there" unless Iran backs away from its nuclear program.