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EIA: US commercial crude inventory saw a larger-than-expected draw last weekDespite a rise in net imports by approximately 0.6 million barrels, higher refinery run rates helped absorb the additional supply. Refinery utilization rates increased by 1.9% from the previous week, reaching 95.4%. |
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US commercial crude inventories experienced a larger-than-anticipated draw in the week ending 05 July, as refineries increased operating rates to meet summer demand. According to data from the Energy Information Administration (EIA), commercial stockpiles decreased by 3.4 million barrels, bringing the total to 445.1 million barrels.
Despite a rise in net imports by approximately 0.6 million barrels, higher refinery run rates helped absorb the additional supply. Refinery utilization rates increased by 1.9% from the previous week, reaching 95.4%.
Additionally, total motor gasoline stocks fell by 2 million barrels, indicating robust demand conditions.
During the reporting week, the US produced 13.3 million barrels of crude.
Written by: Rochelle Nguyen
