EIA: US oil and fuel products inventories surprisingly increased last week
On 26 June 2024, the Energy Information Administration (EIA) reported a surprising rise in US crude oil and fuel product inventories last week, driven by higher net imports and reduced refinery operating rates.
On 26 June 2024, the Energy Information Administration (EIA) reported a surprising rise in US crude oil and fuel product inventories last week, driven by higher net imports and reduced refinery operating rates.
The commercial crude stockpile rose by 3.6 million barrels to 460.7 million barrels while the total motor gasoline inventories added 2.7 million barrels during the week. The combined oil and fuel product inventories are the at highest levels since February 2021.
The report also noted a decline in refinery utilization rates, which fell to 92.2% from 93.5% the previous week. Local oil output remained steady at 13.2 million barrels.