The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Thursday morning, a day late due to the Veterans’ Day holiday. U.S. commercial crude inventories decreased by 1.7 million barrels last week, maintaining a total U.S. commercial crude inventory to 378.5 million barrels. Crude inventory remains in the upper half of the five-year range for this time of the year.

Total gasoline inventories increased by 1.8 million barrels last week and remain in the lower half of the five-year average range. Total motor gasoline supplied (the EIA’s measure of consumption) averaged 9 million barrels a day for the past four weeks, down by 0.8% compared with the same period a year ago.

Distillate inventories decreased by 2.8 million barrels last week and moved near the lower limit of the average range. Distillate product supplied averaged about 3.7 million barrels a day over the past four weeks, down by 7% when compared with the same period last year. Distillate production averaged over 4.8 million barrels a day last week, about 200,000 barrels per day above the prior week’s production.

Wednesday evening, the American Petroleum Institute (API) reported that crude inventories fell by 1.5 million barrels in the week ending November 7. For the same period, analysts had estimated an increase of between 300,000 and 800,000 barrels in crude inventories.

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Before the EIA report, West Texas Intermediate (WTI) crude for December delivery was trading down about 2.2% at around $75.50 a barrel Thursday morning. The WTI price dropped further to around $75.35 immediately after the report was released.

For the past week, crude imports averaged over 6.9 million barrels a day, up by 202,000 barrels a day compared with the previous week. Refineries were running at 90.1% of capacity, with daily input of about 15.8 million barrels a day, about 267,000 barrels a day above the previous week’s average.

Crude prices are getting beaten up following more comments from the Saudis that they will not interfere with the market and a projection from the EIA that gasoline prices will average below $3 a gallon in 2015. There is not much support for oil prices now, and there is no sign of an imminent turnaround, barring some geopolitical event that could threaten supply.

According to AAA, the current national average pump price per gallon of regular gasoline is $2.917, down from $2.955 a week ago and from $3.199 a month ago. Last year a gallon of regular cost $3.186 on average in the United States.

The United States Oil ETF (NYSEMKT: USO) traded down about 1.6%, at $28.67 in a 52-week range of $28.59 to $39.44. The low was set Thursday morning.

The Market Vectors Oil Services ETF (NYSEMKT: OIH) traded down about 2.9%, at $42.86 in a 52-week range of $40.98 to $58.01.

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