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US commercial crude oil inventories dropped by 1.6 million barrels in the week ending September 13, 2024, driven by a sharp decline in imports, according to the latest data from the Energy Information Administration (EIA). Total inventories now stand at 417.5 million barrels, approximately 4% below the five-year average for this period, underscoring tighter market conditions.

Net US crude imports plummeted by 1.8 million barrels per day, as port activity along the Gulf Coast slowed significantly due to disruptions caused by Hurricane Francine. Meanwhile, exports surged by 1.3 million barrels per day, reaching nearly 4.6 million barrels per day.

Domestic crude production dipped slightly to 13.2 million barrels per day, down from 13.3 million barrels the previous week.

Refinery inputs also declined, averaging 16.5 million barrels per day, a drop of 283,000 barrels per day, as refineries operated at 92.1% of their capacity, signaling a modest reduction in refining activity.

Motor gasoline inventories saw a marginal increase of 0.1 million barrels, suggesting stable demand in the fuel sector despite broader supply-side volatility.

Written by: Muhammad Hafiz

Edited by: Rochelle Nguyen