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The US commercial crude inventories registered another drop of 2.5 million barrels in the week ending 12 January 2024 despite higher domestic production outputs as the country accelerated export activities.

At 429.9 million barrels, US commercial crude oil inventories are about 3% below the five-year average for this time of year.

The report showed the US produced about 13.3 million barrels of crude oil per day during the week, indicating a 100,000 bpd higher than the week before. Meanwhile, exports of crude surged 51% week-on-week to slightly above 5 million barrels per day.

Total motor gasoline inventories increased by 3.1 million barrels from last week while distillate fuel inventories increased by 2.4 million barrels. 

On the other hand, propane/propylene inventories decreased by 2.8 million barrels from last week standing 13% above the five-year average for this time of year.