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The US saw another weekly build-up in commercial crude inventory in the week to 12 April 2024 as refineries in the country continued to lower operating rates, reducing the demand for crude oil. According to the Energy Information Administration (EIA), the inventories rose 2.7 million barrels to 460.0 million barrels, though still 1% below the five-year average. 

Meanwhile, domestic crude oil production remained steady at 13.1 million barrels per day from the week before.

Refineries operated at 88.1% capacity, down slightly from the previous week's 88.3%.

After several consecutive weeks of trimming refinery utilisation rates, the total gasoline stocks finally dropped by 1.2 million barrels, which was worrisome to investors as the peak summer driving season is just around the corner.