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EIA: US commercial crude and gasoline stocks saw increasesThe demand for gasoline and distillates is also weakening, as evidenced by a 2.3 million-barrel increase in gasoline inventories. Despite this rise, gasoline stocks are still about 1% below the five-year average for this time of year. |
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The Energy Information Administration (EIA) in its latest report revealed a rise in US commercial crude oil inventories for the week ending 06 September. Stockpiles increased by 833,000 barrels, reaching 419.1 million barrels.
The sharp rise in inventories was fueled by a substantial 1.5 million barrels per day (bpd) increase in net U.S. crude imports—the highest since June—while exports plummeted by 451,000 bpd to 3.31 million bpd, their lowest since June.
Refinery utilization rates also saw a decline, dropping by 0.5 percentage points to 92.8% of capacity.
The demand for gasoline and distillates is also weakening, as evidenced by a 2.3 million-barrel increase in gasoline inventories. Despite this rise, gasoline stocks are still about 1% below the five-year average for this time of year.
Local crude oil production remained steady at 13.3 million bpd during the reporting period.
Written by: Rochelle Nguyen
