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EIA: US commercial crude and gasoline inventories continued to dropWhile local oil production remained steady at 13.3 million barrels per day, net crude oil imports fell by about 388,000 barrels, averaging 2.68 million barrels per day. On the other hand, crude exports jumped to 4.2 million barrels per day. |
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The latest data from the Energy Information Administration (EIA) reveals a substantial 3.7-million-barrel drop in US commercial crude inventories for the week ending 19 July 2024. This decline, driven primarily by lower net imports, leaves US commercial stocks at 436.5 million barrels, approximately 5% below the five-year average.
While local oil production remained steady at 13.3 million barrels per day, net crude oil imports fell by about 388,000 barrels, averaging 2.68 million barrels per day. On the other hand, crude exports jumped to 4.2 million barrels per day.
In the downstream sector, the refinery utilization rate decreased by 2.1% to 91.6%. This reduction in refinery activity has directly contributed to a notable draw in gasoline stocks, with total motor gasoline inventory plummeting by 5.6 million barrels, fuelling optimism over the demand condition in the US.
Written by: Rochelle Nguyen
