EIA: US commercial crude inventories surprisingly increased last week.
A sharp decline in exports of 1.9 million barrels per day coupled with higher domestic production were the culprits in the increase.
The Energy Information Administration (EIA) released weekly crude oil inventories in the US which showed a surprising buildup of 4 million barrels in the week ending 8 September 2023 despite higher utilization rates among local refineries.
A sharp decline in exports of 1.9 million barrels per day coupled with higher domestic production were the culprits in the increase.
US refineries processed about 16.8 million barrels of crude per day last week, representing a 93.7% utilization rate, up from 93.1% the week before. These were the highest operating rates since early 2020.
Total motor gasoline inventoried – an indicator of demand health, rose 5.6 million barrels during the week to 220.3 million barrels. Meanwhile, propane/propylene inventories added another 3.1 million barrels from the previous week and are 21% above the five-year average at this time of year.