EIA: US crude inventories fell more than expected on strong exports.

According to the Energy Information Administration (EIA), US commercial crude stocks for the week ending 18 August 2023 plunged 6.1 million barrels from the previous week, against a forecast of a 2.8 million drop by market analysts. Strong refining and export activities are attributed to the development.  

At 433.5 million barrels, US crude oil inventories are about 2% below the five-year average. 

Refineries in the nation operated at 94.5% of their full capacities, inching down from 94.7% from the week prior. 

The US exported about 4.25 million barrels per day of crude oil during the week, about 340,000 bpd lower than the week before, but the figure was considered on the high side at this time of year.

Total motor gasoline increased by 1.5 million barrels from the week before, diverging from analysts’ prediction of an 888,000 drop and is about 5% below the five-year average. Distillate fuel inventories crept up by 0.9 million barrels, about 16% below the five-year average while propane/propylene stocks climbed 1.7 million barrels, 21% higher than the five-year average.