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U.S. commercial crude stockpiles edged down by a mere 846,000 barrels in the week ending 23 August 2024, despite higher refinery activity, according to the latest data from the Energy Information Administration (EIA). The modest draw leaves inventories at 425.2 million barrels, about 4% below the five-year average.

The underwhelming inventory reduction has been attributed to a rise in imports and weaker export activity, factors that have dulled the impact of increased refinery throughput.

On the downstream front, refineries ramped up operations, processing an average of 16.9 million barrels per day, with utilization climbing to 93.3% from 92.3% the previous week. 

Meanwhile, total motor gasoline inventories fell by 2.2 million barrels, now sitting around 3% below the five-year average.

U.S. domestic crude production also saw a slight dip, settling at 13.3 million barrels per day, while oil imports averaged 6.56 million barrels per day.