EIA: US commercial crude inventories surged on rising supply
Refineries in the country processed an average of 16.5 million barrels per day, marking a weekly increase of 403 thousand barrels, and operated at 92.4% of their capacity.
In the latest report, the Energy Information Administration (EIA) said the US commercial crude oil stocks increased by 2.9 million barrels in the week ending 15 December 2023 due to higher domestic production.
At 443.7 million barrels, US crude oil inventories are about 1% below the five-year average for this time of year.
Data showed the US produced 13.3 million barrels per day of crude oil during the week, up 1.5% from the previous week.
On the other hand, total motor gasoline inventories increased by 2.7 million barrels, while distillate fuel inventories increased by 1.5 million barrels.
Propane/propylene inventories decreased by 2.2 million barrels from last week, standing 19% above the five-year average for this time of year. Total commercial petroleum inventories increased by 2.7 million barrels last week.
Refineries in the country processed an average of 16.5 million barrels per day, marking a weekly increase of 403 thousand barrels, and operated at 92.4% of their capacity.