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EIA: US crude stockpiles swell amid rising imports, gasoline stocks hit a two-year lowCrude imports averaged 6.5 million barrels per day (bpd) during the reporting week, marking an increase of 269,000 bpd from the previous week. This is in addition to domestic oil production levels of 13.4 million bpd. |
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US commercial crude oil inventories unexpectedly rose by 2.1 million barrels in the week ending November 8, 2024, according to data released by the Energy Information Administration (EIA). At 429.7 million barrels, crude stocks remain approximately 4% below the five-year average for this time of year.
Crude imports averaged 6.5 million barrels per day (bpd) during the reporting week, marking an increase of 269,000 bpd from the previous week. This is in addition to domestic oil production levels of 13.4 million bpd.
Meanwhile, crude exports rebounded sharply to 3.44 million bpd, up from 2.85 million bpd in the prior week.
Refineries in the country ramped up utilization rates to 91.4%. Still, total motor gasoline inventories decreased by 4.4 million barrels from last week, hitting the lowest level since November 2022. Industry experts attribute this larger-than-expected draw to robust demand for refined products. Gasoline demand rose 6% over the week, reaching 9.4 million bpd, while demand for distillates surged by 17% to 4.1 million bpd.
Written by: Muhammad Hafiz
