Mar 29, 2024 11:56 p.m.

EIA: US crude inventories continue to fall as refineries ramped up run rates

EIA: US crude inventories continue to fall as refineries ramped up run rates

Title

Available in

The latest report from the Energy Information Agency (EIA) showed a drop of 1 million barrels in the US commercial crude inventory in the week to 20 May 2022 despite the 600,000 barrels released from the Strategic Petroleum Reserve (SPR). At 419.8 barrels, the US commercial crude stocks were about 14% below the five years average.

Refineries in the country ramped up operating rates by 1.4 percentage points to 93.2% - the highest levels since before the pandemic. 

Besides the growing local demand ahead of the summer driving season, the US also exported more refined products during the week, mostly to the European region. Total exports of refined products rose 191,000 barrels to 6.235 million barrels. 

Gasoline inventories declined modestly to 219.7 million barrels last week.