EIA: US commercial crude and gasoline stocks surged last week
In the latest report, the Energy Information Administration (EIA) said the commercial crude inventories in the US rose 1.2 million barrels in the week ending 26 January 2024 as oil producers ramped up production
In the latest report, the Energy Information Administration (EIA) said the commercial crude inventories in the US rose 1.2 million barrels in the week ending 26 January 2024 as oil producers ramped up production to compensate for loss outputs during the winter storm the week before.
At 421.9 million barrels, the current inventory levels are about 5% below the five-year average at this time of year.
US crude oil production rebounded to 13 million barrels per day.
Total motor gasoline inventories increased by 1.2 million barrels during the week with both blending component and finished gasoline experiencing a buildup.
Refineries in the country operated at 82.9%, down from 85.5% the week before.