EIA: US commercial crude inventories resurfaced after witnessing significant draws the previous week

The Energy Information Administration released their latest weekly petroleum status report for the week ending 4 August 2023 which showed US commercial crude inventories increased 5.9 million barrels from the previous week.

At 445.6 million barrels, the US crude oil inventories are slightly below the five-year average.

On the other hand, net US crude oil imports experienced a resurgence for the week and is currently at 4.322 million barrels.

Refineries in the nation operated at 93.8% of their operable capacities rising from 92.7% last week.

Total motor gasoline stocks went down by 2.7 million barrels from last week, roughly 7% below the five year-average while distillate fuel descended 1.7 million barrels, 17% below the five year-average. Both readings were a surprise to analysts as they predicted for readings to be fairly steady. Propane/propylene stocks rose 1.3 million barrels from the week ending 28 July, 24% above the five-year average.