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The Energy Information Administration (EIA) reported that the U.S. experienced the largest weekly decline in commercial crude inventories in almost a year for the week ending 28 June 2024. This substantial drawdown is attributed to increased refinery utilization rates and heightened export activities.

U.S. commercial crude stocks decreased by 12.2 million barrels from the previous week, settling at 448.5 million barrels. This level is approximately 4% below the five-year average for this time of year.

During the reporting week, U.S. refineries processed an average of 16.8 million barrels of crude per day, representing 93.5% of operable capacity. This utilization rate marks a 1.3% increase from the prior week.

Despite the higher refinery run rates, total motor gasoline inventories, a key indicator of demand, fell by 2.2 million barrels, suggesting robust demand.

Additionally, U.S. crude oil production stood at 13.2 million barrels per day for the week.

Written by: Rochelle Nguyen