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In the latest report, the Energy Information Administration (EIA) said that US commercial crude oil decreased by 5.5 million barrels in the week ending 29 December 2023 due to strong export activities.

At 431.1 million barrels, US crude oil inventories are about 2% below the five-year average for this time of year. 

Data showed the US exported nearly 5.3 million barrels of crude oil per day during the week as refiners and buyers prefer to buy from US suppliers to avoid the shipping challenges in the Red Sea. 

Total motor gasoline inventories increased by 10.9 million barrels, while distillate fuel inventories increased by 10.1 million barrels the previous week. Industry sources said mild temperatures might keep demand for heating fuel soft in the near term.

On the other hand, Propane/propylene inventories decreased by 2.0 million barrels from the previous week, standing 13% above the five-year average for this time of year. 

US refineries operated at 93.5% of their operable capacity, up from 93.3% in the prior week.

Oil production in the country dipped slightly to 13.2 million barrels per day.