Mar 29, 2024 10:12 a.m.

EIA: US crude inventories built up another 5 million barrels

On the other hand, total gasoline inventories – an indicator of demand health, dropped 1.4 million barrels week-on-week to 218.3 million barrels, showing the demand in the US remains strong ahead of the summer driving season.

Title

Available in

The latest data from the Energy Information Administration (EIA) showed commercial crude inventories in the US built up for the second week in a row in the week ending 12 May 2023 as a result of another release from the Strategic Petroleum Reserve.

The commercial crude stocks rose 5 million barrels to 476.6 million barrels while Strategic Petroleum Reserve dropped 2.4 million barrels from the week before to 359.59 million barrels – the lowest since September 1983.

On the other hand, total gasoline inventories – an indicator of demand health, dropped 1.4 million barrels week-on-week to 218.3 million barrels, showing the demand in the US remains strong ahead of the summer driving season.

Refineries in the country continued ramping up operating rates to 92% during the week in anticipation of steady demand ahead. 

Net crude imports rose about 1.3 million barrels to 6.9 million barrels while net exports rose nearly 50% to 4.3 million barrels during the week.