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EIA: US total motor gasoline inventories continued to rise, raising demand worriesUS commercial crude oil inventories fell by 1.4 million barrels during the same period, totalling 422.0 million barrels. This figure is approximately 6% below the five-year average for this time of year, suggesting continued supply constraints relative to historical norms. |
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The Energy Information Administration (EIA) reported a continued increase in US motor gasoline inventories, marking a fourth consecutive weekly rise. As of December 6, 2024, inventories grew by 5.1 million barrels to reach 219.7 million barrels. This significant build has heightened concerns about weakening demand in the domestic market.
Refinery utilization rates decreased slightly to 92.4%, down from 93.3% the previous week.
US commercial crude oil inventories fell by 1.4 million barrels during the same period, totalling 422.0 million barrels. This figure is approximately 6% below the five-year average for this time of year, suggesting continued supply constraints relative to historical norms.
Net crude imports declined by 170,000 barrels per day (bpd) to average 2.89 million bpd for the week. However, over the past four weeks, crude imports have averaged 6.8 million bpd, reflecting a 2.5% increase compared to the same period last year.
Domestic crude oil production edged higher, rising by 118,000 bpd to achieve a record 13.6 million bpd. This milestone underscores the resilience of US producers despite fluctuations in market conditions.
Written by: Muhammad Hafiz
