EIA: US commercial crude stocks fall on higher refinery utilisation

US commercial crude oil inventories fell by 2 million barrels in the week ending 2 May 2025, a sharper drawdown than analysts had anticipated, according to data released by the Energy Information Administration (EIA). Market expectations had pointed to a more modest decline of around 833,000 barrels, but higher refinery utilisation rates contributed to the steeper reduction in stockpiles.

At 438.4 million barrels, total US commercial crude inventories now stand approximately 7% below the five-year seasonal average, underscoring tightening supply conditions despite an increase in net imports.

Crude imports averaged 6 million barrels per day last week, up by 557,000 b/d from the prior week. Exports, however, declined slightly, resulting in a net import rise of 672,000 b/d.

Refinery throughput also climbed, with US refineries operating at 89% of their operable capacity, up from 88.6% the previous week. The increase reflects a ramp-up in activity ahead of peak summer fuel demand, which led to a buildup of 200,000 barrels of total gasoline stockpiles. 

Domestic crude production edged lower to approximately 13.367 million b/d, marking a minor week-on-week decline. Some industry analysts warn that this could signal that US output is nearing a plateau as companies scale back on investments.