EIA: US crude stocks fell as refineries ramp up for summer demand
The US Energy Information Administration (EIA) has reported a notable drop in commercial crude oil inventories last week, driven by stronger refinery activity as the sector enters the peak season.
The US Energy Information Administration (EIA) has reported a notable drop in commercial crude oil inventories last week, driven by stronger refinery activity as the sector enters the peak season.
Crude inventories fell by 3.6 million barrels to 432.4 million barrels in the week ended 6 June, placing stockpiles around 8% below the five-year seasonal average. The decline reflects a seasonal uptick in refinery utilisation, with facilities processing more crude to meet rising fuel demand during the summer driving season.
Refinery crude runs increased by 228,000 barrels per day (bpd), while utilisation rates climbed by 0.9 percentage points to 94.3%.
As a result, product inventories trended higher. Total motor gasoline stocks rose by 1.5 million barrels to 229.8 million barrels, though they remain about 2% below the five-year average. Distillate inventories, which include diesel and heating oil, also recorded a 1.2 million barrels gain, indicating broader downstream activity.
Domestic crude production remained stable at 13.428 million bpd.
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