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The Energy Information Administration (EIA) released its latest report on the US commercial crude inventories, which showed an increase of 4.5 million barrels in the week ending 26 May 2023. At 495.7 million barrels, the US crude stocks are at 2% below the five-year average at this time of year. 

Net crude imports rose by nearly 1.4 million barrels per day (bpd) as per EIA reports. 

Refineries in the country operated at 93.1% of its full capacity, up 1.4% from last week indicating that demand may be heightened during the summer season. 

Gasoline stocks on the other hand dropped 200,000 bpd against market expectations of a steeper 500,000 drop. Distillate stockpiles such as diesel and heating oil clocked up 1 million barrels in the week, against projections of a 900,000 barrel rise.