EIA: US crude inventories surprisingly built up despite lower import
Total motor gasoline inventories, on the other hand, dropped 3.2 million barrels during the week with analysts holding bullish expectations of strong demand during the summer driving season.
The Energy Information Administration (EIA) on Wednesday, 10 May 2023 released the weekly crude oil inventory data in the US which showed a 3 million barrels build up in commercial stocks in the week ending 5 May 2023. The figure surprised the market considering the higher operating rates among US refiners and reduced imports.
The EIA reported the average US crude oil imports at 5.6 million barrels per day last week, a decrease of 843,000 barrels per day from the week before.
Meanwhile, refineries in the country processed about 15.7 million barrels per day, accounting for 91% of their operable capacity, up from 90.7% the week before.
Total motor gasoline inventories, on the other hand, dropped 3.2 million barrels during the week with analysts holding bullish expectations of strong demand during the summer driving season.