EIA: US crude inventories declined for the seventh consecutive week

The US Energy Information Administration (EIA) reported that as of January 3, 2025, U.S. crude oil inventories decreased by 1.0 million barrels, marking the seventh consecutive week of decline. Total crude oil stockpiles now stand at 414.6 million barrels, approximately 6% below the five-year seasonal average.

Meanwhile, total gasoline inventories saw a significant increase of 6.3 million barrels, far exceeding analysts' projections of a 1.5 million barrel rise, as per a Reuters poll. Current gasoline stocks have reached 237.7 million barrels.

Refinery activity showed a slight uptick, with the refinery utilisation rate increasing from 92.7% to 93.3%. This reflects continued strong demand for refined products and robust operational performance by US refiners.

Crude oil imports decreased by 497,000 barrels per day (bpd) compared to the previous week. Over the past four weeks, crude oil imports averaged 6.6 million barrels per day, which represents a 1.4% increase from the same period last year.

US crude oil production remained unchanged at 13.5 million bpd, indicating that producers are maintaining high output levels despite current market dynamics.

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Written by: Muhammad Hafiz