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EIA: US commercial crude inventory significantly dropped, gasoline stocks experienced a surprise jumpThis decline was driven by a surge in refinery utilisation rates to 94.3%, the highest in nine months. Refinery rates in the previous week were at 91.7%. |
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The recent Energy Information Administration (EIA) report on May 30, 2024, revealed a more-than-expected drop of 4.2 million barrels in US commercial crude oil inventories.
This decline was driven by a surge in refinery utilisation rates to 94.3%, the highest in nine months. Refinery rates in the previous month were at 91.7%.
Meanwhile, gasoline and distillate fuel inventories experienced a surprise jump by 2.0 million barrels or 0.9% and 2.5 million barrels or 2.2% respectively from last week as demand weakened even as output rose.
The net imports of commercial crude oil rose by 106 thousand bpd from a week ago.
The domestic production in the United States remained unchanged week-on-week at 13.1 million bpd, reflecting stability in production levels despite fluctuations in other areas of the market.
