EIA: US commercial crude and gasoline inventories unexpectedly surged last week
Despite the inventory build, total US crude stocks remain 4% below the five-year average for this time of year, standing at 430.3 million barrels. The rise in imports helped counterbalance a slight decline in domestic oil production
The US Energy Information Administration (EIA) reported an unexpected increase in commercial crude oil inventories for the week ending November 15, 2024. Stocks rose by 500,000 barrels, defying market expectations. This increase was primarily driven by a sharp rise in imports, which surged by 1.2 million barrels per day (bpd).
Despite the inventory build, total US crude stocks remain 4% below the five-year average for this time of year, standing at 430.3 million barrels. The rise in imports helped counterbalance a slight decline in domestic oil production, which slipped to 13.2 million bpd due to unplanned shutdowns at a key facility.
Motor gasoline inventories also saw a significant build-up, increasing by 2.1 million barrels to 208.9 million barrels. Although still 4% below the five-year average, this marks a rebound following a surprise drawdown the previous week, highlighting the volatility of US fuel stock levels.
Meanwhile, the refinery utilization rate leveled at 90.2% slightly lower than the previous week at 91.2%.
Written by: Muhammad Hafiz