EIA: US commercial crude stocks and motor gasoline continued to decrease
Data showed utilization rates among US refiners increased by 1 percentage point from the previous week to 87.8% as the maintenance shutdown season is coming to an end.
According to the Energy Information Administration's (EIA) most current Weekly Petroleum Status Report, US commercial crude stocks declined by 2.0 million barrels from the previous week to 445.0 million barrels, or about 3% lower than the five-year average for this time of year.
This is the second week in a row the US saw a drawdown in commercial stocks, which industry insiders attributed to higher operating rates among refineries and accelerated export activities.
Data showed utilization rates among US refiners increased by 1 percentage point from the previous week to 87.8% as the maintenance shutdown season is coming to an end.
The US exported nearly 6.9 million barrels per day of crude during the week.
Total motor gasoline stockpiles fell by 3.3 million barrels, marking a seventh straight week of decline, suggesting a healthy demand, contrarily, distillate fuel inventories increased by 4.1 million barrels.