EIA: US commercial crude inventories continued to fall, signaling supply tightness
On the supply side, domestic crude oil production remained flat at 13.2 million barrels per day during the reporting week. Meanwhile, crude imports increased marginally by 135,000 barrels to 6.5 million barrels per day. Conversely, exports saw a decline of nearly 0.7 million barrels.
US commercial crude oil inventories dropped sharply by 4.5 million barrels in the week ending 20 September 2024 despite stable domestic production and reduced export volumes, according to the Energy Information Administration (EIA).
At 413 million barrels, U.S. crude stockpiles now sit approximately 5% below the five-year seasonal average.
On the supply side, domestic crude oil production remained flat at 13.2 million barrels per day during the reporting week. Meanwhile, crude imports increased marginally by 135,000 barrels to 6.5 million barrels per day. Conversely, exports saw a decline of nearly 0.7 million barrels.
Refinery activity also took a downturn, with U.S. refineries operating at 90.9% of their operable capacity, a decline from 92.1% the previous week.
Total motor gasoline inventories fell by 1.5 million barrels while propane/propylene supply decreased by 1.5 million barrels.
Written by: Muhammad Hafiz
Edited by: Rochelle Nguyen