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EIA: US crude oil inventories declined for the eighth consecutive week

Commercial crude oil inventories in the US declined by 2 million barrels in the week ending January 10, 2025, representing the largest drawdown since April 2022, according to the latest report from the US Energy Information Administration (EIA). This notable reduction is primarily attributed to the resilience of import-export dynamics.

At 412.7 million barrels, crude inventories stand approximately 6% below the five-year average for this time of year.

Meanwhile, refinery utilization rates decreased to 91.7%, down from 93.3% the previous week. Despite this decline, total gasoline inventories continued to build, rising by 5.9 million barrels to reach 243.6 million barrels.

Crude oil imports decreased by 304,000 barrels per day (bpd) compared to the prior week. Over the past four weeks, crude oil imports have averaged approximately 6.5 million bpd, which is 3.3% lower than the same period last year.

Despite market fluctuations and extreme cold weather across the United States, crude oil production saw only a minor decline of 82,000 bpd, holding at 13.4 million bpd.

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Written by: Muhammad Hafiz