EIA: US crude inventories fell for the fourth straight week.
Total motor gasoline, an indicator of demand health – dropped 2.7 million barrels to 214.7 million barrels and are about 5% below the five-year average.
US commercial crude inventories fell another 6.3 million barrels in the week ending 1 September 2023, marking the fourth consecutive week of decline as exports remained strong, according to data from the Energy Information Administration (EIA).
At 416.6 million barrels, US commercial crude inventories are about 4% below the five-year average.
The US exported about 4.9 million barrels per day during the week, up 8.9% from the week before and 43.6% from a year ago.
Refineries in the country operated at 93.1% of their operable capacity, dropping slightly by 0.2% week-on-week.
Total motor gasoline, an indicator of demand health – dropped 2.7 million barrels to 214.7 million barrels and is about 5% below the five-year average.
Propane/propylene inventories, however, added another 0.5 million barrels and are 18% above the five-year average.
Local production held steady at 12.8 million barrels per day during the week.