EIA: US commercial crude inventories rose more than expected
The US produced 13.2 million barrels of crude oil per day last week – an increase of 9% from a year ago.
The Energy Information Administration (EIA) resumed publishing the weekly crude inventory in the US following a brief system maintenance. The latest report showed that commercial crude stocks in the country rose 3.6 million barrels in the week ending 10 November 2023 – much larger than expected.
At 439.4 million barrels, the crude oil stocks are about 2% below the five-year average.
On the other hand, the total motor gasoline inventories dropped by 1.5 million barrels during the week, highlighting the return of demand.
Refineries gradually returned from routine maintenance with utilization rates climbing to 86.1% from 85.2% the week before. Industry experts believed that US refineries might steadily lift operating rates if demand for gasoline remains strong.
The US produced 13.2 million barrels of crude oil per day last week – an increase of 9% from a year ago.