May 18, 2024 11:33 p.m.

EIA: US commercial crude inventories fell more than expected

The Energy Information Administration (EIA) released the latest report that showed the US commercial crude inventories dropping 12.5 million barrels in the week ending 19 May 2023 compared to analysts’ expectations of 800,000 barrels buildup.

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The Energy Information Administration (EIA) released the latest report that showed the US commercial crude inventories dropping 12.5 million barrels in the week ending 19 May 2023 compared to analysts’ expectations of 800,000 barrels buildup. The drastic drawdown fueled expectations that demand is picking up ahead of the summer driving season.

Net crude import fell by 1.25 million barrels per day during the week.

Refineries in the country operated at 91.7%, merely 0.3% down from the week before. Industry experts cited the high refining rates as an indicator of strong demand as the market gallops into the traditional peak season. In addition, gasoline stock fell by 2.1 million barrels.