EIA: US crude inventories continued to fall amid steady demand
Meanwhile, refineries in the country operated at 89.6 per cent of their operable capacity, down 0.7 per cent from the week before as companies continued to wrap up maintenance work
In the latest report, the Energy Information Administration (EIA) said the commercial crude inventories in the US fell another 3.7 million barrels in the week ending 31 March 2023, attributed to the strong export activities and steady refining demand.
At 470 million barrels, US crude oil stocks are at 4% above the five-year average.
The US exported 5.239 million barrels per day last week – the second-highest level on record.
Meanwhile, refineries in the country operated at 89.6 per cent of their operable capacity, down 0.7 per cent from the week before as companies continue to wrap up maintenance work before the summer driving season.
Total motor gasoline stocks fell 4.1 million barrels to 222.6 million barrels during the week, the report said.