EIA: US commercial crude inventory saw the first gain in May, gasoline stock fell on stronger demand
The increase was attributed to the adjustment for unaccounted barrels despite higher refinery run rates and exports.
In the latest weekly report from the Energy Information Administration (EIA), the US saw a surprise buildup of 1.8 million barrels in commercial crude inventory in the week ending 17 May 2024. The increase was attributed to the adjustment for unaccounted barrels despite higher refinery run rates and exports.
On the other hand, total gasoline inventory fell by 945,000 barrels during the week as the summer driving season is just around the corner.
Refineries in the country ramped up utilization rates by 91.7% compared to 90.4% in the previous week.
Local oil production output was unchanged at 13.1 million barrels per day.