EIA: US commercial crude stocks rose moderately while gasoline inventories dropped
Industry experts believed that run rates at US refineries are likely to recover further in the coming weeks citing the end of the maintenance season.
The Energy Information Administration (EIA) in the latest Weekly Petroleum Status Report said the US commercial crude inventories added 1.2 million barrels in the week ending 1 March 2024 amid stable oil production and higher refining activities.
At 448.5 million barrels, US commercial crude stocks are about 1% below the five-year average.
The report showed the US produced about 13.2 million barrels of crude oil per day during the week, registering a slight drop of 100,000 barrels per day compared to the week before.
On the other hand, utilization rates among refineries in the country gained 3.4 percentage points week-on-week to 84.9%. Industry experts believed that run rates at US refineries are likely to recover further in the coming weeks citing the end of the maintenance season.
Total motor gasoline inventories – an indicator of demand health, decreased by 4.5 million barrels from last week while distillate fuel inventories decreased by 4.1 million barrels.