EIA: US crude inventories continue to drop on strong export demand
EIA: US crude inventories continue to drop on strong export demand
The Energy Information Agency (EIA) on Wednesday, 27 July 2022 released the latest data on the US commercial crude inventories, which showed 4.5 million barrels dropped in the week ending 22 July on stronger demand from overseas buyers due to more competitive US barrels compared to Brent.
In fact, the US exported a record level of 4.5 million barrels per day last week – a trend industry experts expected to persist in the near term.
US gasoline stocks fell 3.3 million barrels after a couple of weeks of sluggish demand.
The refinery utilization rate fell 1.5% to 92.2% during the week.