EIA: US commercial crude oil inventories rose while refinery activity slowed
Refinery inputs averaged just 15.6 million barrels per day, down by 101,000 barrels from the prior week, as utilization rates slid to 86.7% of total capacity, compared to 87.1% previously.
US commercial crude oil inventories climbed by 5.8 million barrels for the week ending October 4, 2024, reaching 422.7 million barrels, according to the latest report from the Energy Information Administration (EIA). This marks the second consecutive week of inventory buildup, stemming from a combination of higher domestic production, reduced exports, and lower demand from refineries.
US crude oil production averaged 13.4 million barrels per day during the reporting week—matching the all-time high set in early August 2024.
Refinery inputs averaged just 15.6 million barrels per day, down by 101,000 barrels from the prior week, as utilization rates slid to 86.7% of total capacity, compared to 87.1% previously.
Lower refinery utilization rates directly translated into a reduction in outputs, with total motor gasoline – an indicator of demand health falling by 6.3 million barrels, currently at 4% below the five-year average
Industry insiders attributed the mixed data to Hurricane Milton, which disrupted port operations and contributed to a 389,000-barrel-per-day decline in US crude imports, which averaged 6.2 million barrels per day. Over the past month, imports have averaged 6.4 million barrels per day, 2.5% lower than during the same period last year, signaling a tightening of international supply. On the export side, the US shipped 3.794 million barrels of crude oil, down by 84,000 barrels from the previous week.
Written by: Derek Yong and Muhammad Hafiz