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EIA: US crude and gasoline inventories rose as refineries operated at lower rates.Refineries in the country operated 85.4% of their operable capacity, down from 85.6% in the previous week. |
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The US commercial crude inventories added about 800,000 barrels in the week ending 27 October 2023 as local production hit record highs while refineries operated at lower rates amid maintenance season, according to the Energy Information Administration (EIA).
At 421.9 million barrels, the stocks are 5% below the five-year average.
Refineries in the country operated 85.4% of their operable capacity, down from 85.6% in the previous week.
Total motor gasoline stocks – an indicator of demand health, increased by 100,000 barrels during the week to 223.5 million barrels.
The US produced an average of 13.2 million barrels of crude oil per day throughout the reported week despite the lower number of rig counts as producers boost efficiency to counterbalance the pricing.
