The U.S. Energy Information Administration (EIA) released its weekly petroleum status report this morning. U.S. commercial crude inventories increased by 2.7 million barrels last week, bringing the total U.S. commercial crude inventory to 388.6 million barrels, well above the upper limit of the five-year range for this time of the year.

Total gasoline inventories decreased by 600,000 barrels last week and remain in the middle of the five-year average range. Total motor gasoline supplied averaged just less than 8.5 million barrels a day over the past four weeks — a drop of about 1.2%, compared with the same period a year ago.

Distillate inventories fell by about 2.3 million barrels last week and remain near the lower limit of the average range. Distillate product supplied averaged about 3.8 million barrels a day over the past four weeks, up about 5.5% when compared with the same period last year. Distillate production totaled 4.3 million barrels a day last week, up by about 100,000 barrels a day when compared with the prior week.

The American Petroleum Institute last night reported an inventory increase of 4.7 million barrels in crude supplies last week, together with an decrease of 5 million barrels in gasoline supplies and a drop of 1.85 million barrels in distillate supplies. Platts estimated a build of 2.5 million barrels in crude inventories. and Dow Jones had projected a rise in crude inventories of 1.5 million barrels.

Crude prices were down about 1% before the EIA report at around $96.50 a barrel and fell by about $0.30 immediately following the report.

For the past week, crude imports averaged more than 7.9 million barrels a day, a decrease of about 227,000 barrels a day from the previous week. Refineries were running at 86.3% of capacity, with daily input of 15 million barrels a day, about 130,000 barrels a day more than the previous week. Refineries continue to raise production now that routine maintenance and the switch to summer-grade fuel is reaching an end.

The United States Oil ETF (NYSEMKT: USO) is down about 0.7%, at $34.41 in a 52-week range of $29.02 to $40.29.

The United States Gasoline ETF (NYSEMKT: UGA) is down 1.7%, at $58.96, in a 52-week range of $45.13 to $65.86.

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