EIA: US commercial crude inventories rose sharply on higher imports
On the other hand, distillate inventories fell by 1.02 million barrels last week. Experts believed demand for heating oil might rise further, in line with the winter season.
The Energy Information Administration (EIA) in its latest report said the commercial crude inventories in the US rose 8.7 million barrels in the week ending 17 November 2023 – a much larger figure than the 1.2 million barrel rise industry experts initially expected.
At 448.1 million barrels, the US crude stocks are about 1% below the five-year average.
On the other hand, distillate inventories fell by 1.02 million barrels last week. Experts believed demand for heating oil might rise further, in line with the winter season.
Refineries in the countries operated at 87% of their capacities, a gain of 0.9% from the previous week. Utilisation rates are set to increase in the coming weeks as refineries ramp up operating rates to meet the winter demand following the maintenance season.
The US produced 13.2 million barrels per day of crude last week.