EIA: US commercial crude inventories fell for the third consecutive week
Data from the Energy Information Administration (EIA) showed the commercial crude stocks at 459.6 million barrels, which are about 2% below the five-year average.
The US commercial crude inventories dropped another 1.3 million barrels in the week ending 28 April – marking the third consecutive week of drawdown even though refineries in the countries operated at lower rates compared to the week before.
Data from the Energy Information Administration (EIA) showed the commercial crude stocks at 459.6 million barrels, which is about 2% below the five-year average.
Meanwhile, refineries utilization rates dropped 0.6 percentage points from the week before to 90.7%.
Total motor gasoline inventories, on the other hand, rose 1.7 million barrels to 222.9 million barrels.
According to industry sources, demand for motor fuel ahead of the summer driving season fell as much as 9.4% to 8.6 million barrels per day.