EIA: US commercial crude inventories experienced record draws
Meanwhile, net US crude imports inched down from the week ending 21 July 2023, currently at 1.385 million barrels.
The US commercial crude inventories for the week ending 28 July 2023 reduced a monumental 17 million barrels, the steepest drop since 1982, as per data released by the Energy Information Administration (EIA). The drastic draw was attributed to the rising export activities while US refineries maintained high operating rates.
At 439.8 million barrels, US crude inventories at this moment are 1% below the five-year average.
Meanwhile, net US crude imports inched down from the week ending 21 July 2023, currently at 1.385 million barrels.
The report showed refineries in the nation operated at 92.7% of their full capacity descending from 93.4% the previous week.
Total motor gasoline inventories climbed by 1.5 million barrels, 6% below the five-year average. Distillate fuels trickled down by 0.8 million barrels about 15% below the five-year average while propane/propylene inventories grew by 2.9 million barrels from the week prior, 24% above the five-year average.