EIA: US crude stocks dropped last week on higher exports and refinery run rates
At 457.4 million barrels, the US crude inventories are about 1% above the five-year average for this period of the year.
The US commercial crude inventories dipped by 708,000 barrels in the week ending 14 July 2023, according to the latest data from the Energy Information Agency (EIA) as exports surged while refineries in the country ramped up operating rates.
At 457.4 million barrels, the US crude inventories are about 1% above the five-year average for this period of the year.
Meanwhile, refineries in the country operated at 94.3% of their operable rates against 93.7% from the week before, an indication of healthier demand.
Exports rose by nearly 1.7 million barrels per day during the week to 3.8 million barrels.
Total motor gasoline inventories decreased by 1.1 million barrels to 218.4 million barrels, 7% below the five-year average. Distillate inventories went up menially and are about 14% below the five-year average, while propane/propylene inventories inched up by 0.9 million barrels, 24% higher than the five-year average.