EIA: US commercial crude saw a much larger-than-expect drawdown
Notably, local production remained unaffected by Hurricane Beryl, maintaining a steady output of 13.3 million barrels per day. Downstream refineries, however, processed around 16.9 million barrels per day
The US commercial crude oil inventory saw a significant drawdown of 4.87 million barrels in the week ending 12 July 2024, far exceeding industry expectations. According to the Energy Information Administration (EIA), US crude stocks now stand at 440.2 million barrels, approximately 5% below the five-year average for this time of year.
Notably, local production remained unaffected by Hurricane Beryl, maintaining a steady output of 13.3 million barrels per day. Downstream refineries, however, processed around 16.9 million barrels per day, reflecting a utilization rate of 93.7%, a decline from the previous week's 95.4%.
Total motor gasoline stocks, often used as an indicator of demand health, rose by 3.3 million barrels week-on-week, raising concerns about the robustness of fuel demand in the US.
Written by: Rochelle Nguyen