EIA: US crude inventories fall as refinery demand outpaces imports

US commercial crude oil inventories declined for a second consecutive week, falling by 3 million barrels to 423.7 million barrels, according to data from the Energy Information Administration (EIA) released on 06 August. The drawdown came as net crude imports dipped and refiners ramped up throughput to meet resilient summer demand.

Net crude imports fell by 794,000 barrels per day (bpd) during the reporting weeks. On a four-week average, imports stood at 6.1 million barrels per day—down nearly 10% from the same period last year, reflecting a broader trend of import moderation as domestic output remained strong.

Refineries continued to run at elevated rates, buoyed by healthy margins and seasonal demand. Crude runs climbed to 17.1 million bpd, up by 213,000 barrels from the prior week, while utilisation rates edged up to 96.9%—marking one of the highest levels seen this year.

In the downstream segment, total motor gasoline inventories also moved lower, falling by 1.3 million barrels to 227.1 million barrels. Stocks remain slightly under the five-year seasonal average, pointing to a balanced supply environment as the US enters the peak of its summer driving season.

Propane/propylene inventories increased by 1.3 million barrels from last week and are 8% above the five-year average for this time of year.

The US produced an estimated 13.284 million bpd of crude during the week.

Written: Farid Muzaffar