EIA: US oil stocks rose sharply despite higher refinery utilization rates
Net crude oil imports (Imports subtract Exports) rose nearly 600,000 barrels per day during the week, stemming from the substantially reduced export activities.
The latest report published by the Energy Information Administration (EIA) for the week ending 7 July 2023 showed that commercial crude inventories in the US added 5.9 million barrels from the week before – a much larger-than-expected figure.
At 458.1 million barrels, US crude inventories are about 1% above the five-year average for this time of the year.
Net crude oil imports (Imports subtract Exports) rose nearly 600,000 barrels per day during the week, stemming from the substantially reduced export activities.
Meanwhile, refineries in the country operated at 93.7% of their capacity – the highest level since June 2022, the report showed.
Total motor gasoline supply dropped marginally from the previous week and is about 7% below the five-year average while distillate inventories increased by 4.8 million barrels from the week ending 30 June 2023. Propane/propylene supply climbed by 2.7 million barrels.