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EIA: US crude oil inventories surged by 5.5 million barrels amid rising importsData showed that the US imported an average of 6.4 million barrels per day of crude last week, representing a 16.3% increase from the week before. Meanwhile, oil producers in the US churned out a historically high level of output during the reporting week, hitting 13.5 million barrels per day. |
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Commercial crude inventories in the US rose sharply by 5.5 million barrels in the week ending 18 October 2024, according to the latest data from the Energy Information Administration (EIA). The larger-than-expected build was attributed to higher local production outputs and robust imports.
At 426 million barrels, the commercial crude stocks are about 4% below the five-year average for this time of year.
Data showed that the US imported an average of 6.4 million barrels per day of crude last week, representing a 16.3% increase from the week before. Meanwhile, oil producers in the US churned out a historically high level of output during the reporting week, hitting 13.5 million barrels per day.
Additionally, total motor gasoline stocks soared to 213.6 million barrels, buoyed by an improved refinery operating rate of 89.5%. This marks an increase of 0.9 million barrels from the previous week, though gasoline stocks remain approximately 3% below the five-year average for this time of year.
Written by: Muhammad Hafiz
