EIA: US crude inventories decline for the sixth consecutive week; gasoline stocks surge
Crude oil inventories now stand at 415.6 million barrels, approximately 5% below the five-year average for this time of year. Meanwhile, refinery utilization edged higher, with operating rates reaching 92.7%, up from 92.5% the previous week.
Commercial crude oil inventories in the US declined by 1.2 million barrels in the week ending 27 December 2024, marking the sixth consecutive weekly drawdown, according to the latest report from the US Energy Information Administration (EIA). This reduction, attributed to increased refining activity, coincided with a significant rise in gasoline and distillate stocks.
Crude oil inventories now stand at 415.6 million barrels, approximately 5% below the five-year average for this time of year. Meanwhile, refinery utilization edged higher, with operating rates reaching 92.7%, up from 92.5% the previous week. However, weaker holiday-season demand contributed to a substantial increase in motor gasoline inventories, which rose by 7.7 million barrels to 231.4 million barrels.
Crude oil imports climbed by 455,000 barrels per day (bpd) compared to the prior week. Over the past four weeks, imports averaged approximately 6.5 million bpd, reflecting a modest 1.3% year-over-year decline.
Despite the evident challenges and market uncertainties, US crude oil production demonstrated resilience, remaining broadly stable with a marginal decline of 12,000 bpd, holding steady at 13.5 million bpd.
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Written by: Muhammad Hafiz