EIA: US crude inventories resumed falling on strong export activities.
Local crude oil production remained stable at 12.9 million barrels per day. However, exports surged by nearly 2 million barrels per day week-on-week
The Energy Information Administration (EIA) reported a 2.1 million barrels drop in the US commercial crude inventories in the week ending 15 September 2023 following a brief surge in the prior week. Surging export activities played a vital role in the latest draw.
At 418.5 million barrels, the stocks are about 3% below the five-year average.
Local crude oil production remained stable at 12.9 million barrels per day. However, exports surged by nearly 2 million barrels per day week-on-week to an average of 5.07 million barrels per day.
Refineries in the country entered maintenance season, resulting in lower utilization rates of 91.9% from 93.7% the week before.
Reduced operating rates among refineries mean lower refined product inventories. Data showed the total gasoline stock fell by 0.8 million barrels during the week. Distillate fuel inventories decreased by 2.9 million barrels while propane/propylene stocks added another 1.6 million barrels.