EIA: US commercial crude stocks continued to decline

The Energy Information Administration in the latest reports said the US commercial crude inventories declined another 12.6 million barrels in the week ending 25 November 2022 to 419.1 million barrels as refineries in the country operated at higher rates.

The Administration’s data showed that the average operating rates among refineries were at 95.2% last week, up 1.3% from the week before. On the East Coast, refineries ran 101% last week to meet the demand for refined products.

Total motor gasoline stocks rose 2.8 million barrels during the week but were still about 4% below the five-year average at this time of the year.