EIA: US crude inventories increased as refineries reduced run rates.
Refineries in the countries operated at 85.6% of their operable capacities during the week, down from 86.1% the week before.
The commercial crude inventories in the US rose by 1.4 million barrels in the week ending 20 October 2023, according to the latest report from the Energy Information Administration (EIA).
At 421.1 million barrels, the US crude oil stocks are about 5% below the five-year average at this time of year.
Refineries in the countries operated at 85.6% of their operable capacities during the week, down from 86.1% the week before.
It is reported that gasoline refining margins in the US have fallen from $30/barrel in the summer to about $11/barrel this week, driving refineries to focus more on distillate products.
Total motor gasoline inventories increased by 0.2 million barrels. Distillate fuel stocks fell by 1.7 million barrels.
Meanwhile, oil production in the US remained unchanged at about 13.2 million barrels per day.