EIA: US crude inventories continued to fall on strong exports, gasoline stocks rose.
The total commercial crude inventories in the US declined by another 2.2 million barrels in the week ending 29 September 2023 on strong export demand, according to data from the Energy Information Administration.
The total commercial crude inventories in the US declined by another 2.2 million barrels in the week ending 29 September 2023 on strong export demand, according to data from the Energy Information Administration.
At 414.1 million barrels, the US commercial crude stocks are 5% below the five-year average for this time of year and clocked in at the lowest level since December 2022.
Crude exports rose 944,000 barrels/day during the week to nearly 5 million barrels per day while local refineries further reduced operating rates by 2.2% from the week before to 87.3% as the maintenance season is at its peak.
Total motor gasoline inventories added 6.5 million barrels on weak demand. Analysts added that US seasonal gasoline consumption is at the lowest in 22 years, citing the 30% spike in fuel prices recently and the flooding following the Ophelia storm.