EIA: US crude oil inventories surged by 2.1million barrels amid rising imports
Although crude imports rose by a modest 265,000 barrels per day (bpd) during the week, exports plunged by over 1.4 million bpd, leading to a significant net import spike of nearly 1.7 million bpd compared to the previous week.
The US Energy Information Administration (EIA) reported an unexpected rise in U.S. crude oil inventories, which climbed by 2.1 million barrels for the week ending November 1, 2024. This increase, well above market expectations, is largely attributed to a sharp rise in net imports amid subdued export activity.
At 427.7 million barrels, U.S. crude inventories now sit approximately 5% below the five-year seasonal average.
Although crude imports rose by a modest 265,000 barrels per day (bpd) during the week, exports plunged by over 1.4 million bpd, leading to a significant net import spike of nearly 1.7 million bpd compared to the previous week.
Local oil production output remained at the historic level of 13.5 million bpd.
Meanwhile, total motor gasoline stocks rose by 400,000 barrels to 211.3 million barrels, fueled by a higher refinery utilization rate of 90.1% compared to 89.1% in the prior week.
Written by: Muhammad Hafiz