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EIA: Surprise buildup in US commercial crude inventories ended six-week declineUS crude oil imports averaged 6.3 million bpd last week, up by 61,000 bpd from the previous week. Meanwhile, local crude oil output declined slightly to 13.3 million bpd from 13.4 million bpd the previous week. |
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In a surprising development, US commercial crude oil inventories experienced an unexpected buildup in the week ending 09 August. Stocks rose by 1.36 million barrels, bringing the total to 430.7 million barrels. This marks a departure from a six-week downward trend.
Despite this increase, current crude oil inventories remain 5% below the five-year average, indicating that supply levels are still tight compared to historical norms.
US crude oil imports averaged 6.3 million bpd last week, up by 61,000 bpd from the previous week. Meanwhile, local crude oil output declined slightly to 13.3 million bpd from 13.4 million bpd the previous week.
Refinery operations were steady, with facilities running at 91.5% of their operable capacity, processing approximately 16.5 million bpd of crude oil.
In related developments, total motor gasoline inventories fell by 2.9 million barrels, bringing them to approximately 3% below the five-year average for this time of year.
Written by: Rochelle Nguyen
