EIA: Crude and motor gasoline inventories surged in the US
The report showed that crude oil exports from the US fell more than 24% from the previous week to approximately 3.91 million barrels per day.
The Energy Information Administration (EIA) in the latest weekly report revealed a 7.3 million barrels surged in the US commercial crude oil inventories in the week to 26 April 2024 on falling exports and lower demand from local refineries.
At 460.9 million barrels, the commercial crude stocks in the country are about 3% below the five-year average at this time of year.
The report showed that crude oil exports from the US fell more than 24% from the previous week to approximately 3.91 million barrels per day.
Meanwhile, refineries in the countries continued to reduce operating rates with plant utilisation standing at 87.5% compared to 88.5% the week before.
Total motor gasoline inventories experienced a marginal increase of 0.3 million barrels from the prior week, which caused heavy concerns among market participants over the demand condition.
Crude oil production outputs in the US remained unchanged during the week at 13.1 million barrels per day.