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In the latest weekly report, the Energy Information Administration (EIA) said the US commercial crude inventory rose by 3.7 million barrels in the week ending 7 June 2024, to 459.7 million barrels. Strong crude import during the week was attributed to the rise.

Data showed that net crude import in the US rose by 2.56 million barrels per day last week, hitting the highest level since August 2019.

Meanwhile, local crude production rose to 13.2 million barrels per day.

The refinery utilization rate slipped slightly from 95.4% in the prior week to 95% in the reported week.

Total motor gasoline also registered a gain of 2.6 million barrels, much larger than analysts’ expectations of 0.9 million barrels build.