EIA: US crude inventories surged as refinery utilisation moderates

US commercial crude oil inventories surged by 8.7 million barrels in the week ending 31 January 2025, according to the latest report from the Energy Information Administration (EIA). This marks the largest weekly buildup recorded so far this year. Total crude inventories now stand at 423.8 million barrels, approximately 5% below the five-year seasonal average.

Net crude imports declined by 178,000 barrels per day (bpd) during the reporting period, primarily due to a sharp increase in exports. US crude exports averaged 1.27 million bpd, rising by 743,000 bpd from the previous week, while imports climbed by 467,000 bpd week-on-week. Over the past four weeks, imports have averaged 6.6 million bpd, reflecting a 2.8% year-on-year increase.

Refinery utilization improved modestly to 84.5%, up from 83.5% the previous week. Meanwhile, gasoline inventories continued their upward trend, rising by 2.2 million barrels to reach 251.1 million barrels.

US crude oil production recorded a marginal increase of 23,800 bpd, holding near a historic high of 13.478 million bpd.

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Written by: Muhammad Hafiz