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The latest data from the Energy Information Administration (EIA) showed commercial crude inventories in the US built up for the second week in a row in the week ending 12 May 2023 as a result of another release from the Strategic Petroleum Reserve.

The commercial crude stocks rose 5 million barrels to 476.6 million barrels while Strategic Petroleum Reserve dropped 2.4 million barrels from the week before to 359.59 million barrels – the lowest since September 1983.

On the other hand, total gasoline inventories – an indicator of demand health, dropped 1.4 million barrels week-on-week to 218.3 million barrels, showing the demand in the US remains strong ahead of the summer driving season.

Refineries in the country continued ramping up operating rates to 92% during the week in anticipation of steady demand ahead. 

Net crude imports rose about 1.3 million barrels to 6.9 million barrels while net exports rose nearly 50% to 4.3 million barrels during the week.