EIA: US commercial crude inventory dropped for the second week in a rowRefineries in the countries operated at 90.4% during the week, up from 88.5% the week before. According to industry experts, refineries are ramping up operating rates to prepare for the summer demand. |
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According to the Energy Information Administration (EIA) report, the US commercial crude oil inventories decreased by 2.5 million barrels in the week ending 10 May 2024, marking the second consecutive week of decline as refineries in the country ramp up operating rates.
At 457 million barrels, the US crude oil inventories are about 4% below the five-year average at this time of year.
Refineries in the countries operated at 90.4% during the week, up from 88.5% the week before. According to industry experts, refineries are ramping up operating rates to prepare for the summer demand.
Meanwhile, total motor gasoline decreased by 0.2 million barrels or 0.1%, standing at 227.8 million barrels from last week.
Propane/propylene inventories still had the most increase week-on-week by 4.9% to 62.0 million barrels from last week.