EIA: US commercial crude inventory fell for the sixth consecutive week
US crude oil inventories now stand at 429.3 million barrels, about 6% below the five-year average for this time of year. This decline coincides with a significant drop in US crude oil imports, which averaged 6.2 million barrels per day last week, down 729,000 barrels per day from the previous week.
According to the Energy Information Administration (EIA), US commercial crude inventories fell by 3.73 million barrels in the week ending 02 August 2024. This decrease brought stockpiles to their lowest level since February, marking the sixth consecutive weekly decline—the longest streak since January 2022.
US crude oil inventories now stand at 429.3 million barrels, about 6% below the five-year average for this time of year. This decline coincides with a significant drop in US crude oil imports, which averaged 6.2 million barrels per day last week, down 729,000 barrels per day from the previous week.
Meanwhile, local crude oil production surged to its highest level in 2024, reaching 13.4 million barrels per day. Refineries in the country increased their utilization rates to 90.5%, up from 90.1% the previous week.
Total motor gasoline inventories rose by 1.3 million barrels, raising concerns about the demand outlook for refined products.
Written by: Rochelle Nguyen