EIA: US crude inventories posted surprisingly large draw
Total gasoline inventories – an indicator of demand health, on the other hand, rose 0.6 million barrels while propane/propylene supply increased by 2.6 million barrels.
In its latest report, the Energy Information Administration (EIA) said the US commercial crude inventories fell 9.6 million barrels in the week ending 23 June 2023 – far exceeding the market expectation of a 1.8 million barrels draw.
At 453.7 million barrels, US crude inventories are about 1% below the five-year average at this time of year.
US crude imports averaged 6.6 million barrels per day during the week, up by 418,000 barrels from the week before.
Meanwhile, refineries in the country operated at 92.2% of their operable capacity, down from 93.1% in the previous week.
Total gasoline inventories – an indicator of demand health, on the other hand, rose 0.6 million barrels while propane/propylene supply increased by 2.6 million barrels.