EIA: Commercial crude inventories continue to deplete in the US

The Energy Information Administration (EIA) in the latest report said the commercial crude inventories in the US fell another 3.3 million barrels in the week ending 26 August 2022 even though refineries in the country operated at lower rates. 

The crude stocks stood at 418.3 million barrels – about 6% below the five-year average.

Refineries operated at 92.7% of their operable capacities, down 1.1% from the previous week.

Total motor gasoline inventories dropped 1.2 million barrels during the week despite the end of the driving season. 

The US imported average of 6 million barrels per day of crude oil last week, down 216,000 barrels per day from the week before.