EIA: US commercial crude inventory dropped sharply on plunging local production
US commercial crude oil inventories decreased by 9.2 million barrels in the week ending January 19, 2024, due to unexpected disruptions in production
US commercial crude oil inventories decreased by 9.2 million barrels in the week ending January 19, 2024, due to unexpected disruptions in production or deliberate decisions by oil-producing entities to curb outputs amid harsh weather conditions.
At 420.7 million barrels, US crude oil inventories are about 5% below the five-year average for this time of year. Meanwhile, net imports fell more than 50% to just 1.15 million barrels per day.
Total motor gasoline inventories increased by 4.9 million while distillate fuel inventories decreased by 1.4 million barrels – a condition industry experts deemed understandable considering the reduced demand for driving during the current winter storm.
On the other hand, propane/propylene inventories decreased by 8.4 million barrels from last week standing 4% above the five-year average for this time of year.
Utilisation rates at US refineries fell sharply by 7.1% to 85.5% in the week.