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EIA: US commercial crude inventories posted a large build-upThe rising refined product inventories were inevitable given the fact that refineries in the country have been operating at high rates for weeks. |
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The US commercial crude inventories surprisingly added 7.9 million barrels in the week ending 9 June 2023, according to the latest data from the Energy Information Administration (EIA), against analysts’ expectations of 510,000 barrels build-up.
At 467.1 million barrels, US crude stocks are at the five-year average at this time of year.
Total gasoline inventories increased by 2.1 million barrels from the previous week. Distillate stocks rose by 2.1 million barrels while propane/propylene stocks increased by 3.1 million barrels.
The rising refined product inventories were inevitable given the fact that refineries in the country have been operating at high rates for weeks. As of 9 June, the average utilization rates among US refiners were about 93.7%, down from 95.8% the week before.
Net US crude imports fell 810,000 barrels per day during the week, the data showed.
