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EIA: US crude inventories rose but gasoline demand remains strongEIA: US crude inventories rose but gasoline demand remains strong |
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The Energy Information Agency released the latest report that showed an unexpected piled up in the commercial crude inventories in the US last week, which industries experts attributed to the transference from the Strategic Petroleum Reserve (SPR).
US crude stocks rose 2 million barrels in the week ended 3 June 2022 to 416.8 million barrels while the SPR fell by a record of 7.3 million barrels to 519.3 million barrels – the lowest levels since March 1987.
Refineries in the country have restored the pre-pandemic run rates, with utilisation standing at 94.2%, up from 92.6% the week before.
Gasoline stocks, meanwhile, fell 800,000 barrels during the week, to 218.2 million barrels. Exports of both crude oil and refined products were both lower during the week.
