EIA: US crude oil stocks registered 1.4 million barrels drop; gasoline inventories rose

The recent Energy Information Administration (EIA) report dated 08 May 2024 revealed US commercial crude oil inventories decreased by 1.4 million barrels from the previous week to 459.5 million. The draw resulted from higher utilisation rates among local refineries and stronger export activities.

Indeed, refinery operating rates increased by 1% from the prior week to 88.5%. 

In the meantime, the US exported an average of 4.46 million barrels of crude per day during the reported week.

Total motor gasoline and distillate fuel inventories increased by 0.9 million barrels and 0.6 million barrels respectively. Both stand at 228.0 million barrels and 116.4 million barrels.

The uptick in distillate fuel inventories offers a buffer against potential supply disruptions.

Propane/propylene inventories had the most increase by 3.8% to 59.1 million barrels from last week. The significant increase in inventories presents an opportunity for storage and distribution companies to capitalize on excess supply.