EIA: Crude stockpile fell more than expected on strong exports, higher demand
The sharper-than-expected decline was underpinned by stronger exports and a pronounced drop in imports. Net crude imports slid by 1.22 million barrels per day (bpd)
US commercial crude oil inventories fell by 6 million barrels to 420.7 million barrels in the week to 16 August, according to data from the Energy Information Administration (EIA) released on 20 August. The drawdown left stockpiles roughly 6% below the five-year seasonal average.
The sharper-than-expected decline was underpinned by stronger exports and a pronounced drop in imports. Net crude imports slid by 1.22 million barrels per day (bpd), while the four-week average of 6.5 million bpd was 2% lower than a year earlier, reflecting resilient domestic demand during the peak summer period.
Refiners sustained elevated run rates, buoyed by firm margins and seasonal consumption. Crude throughput edged higher to 17.2 million bpd, pushing utilisation to 96.6%—the highest level in recent years and a clear indicator of strong operational momentum across the sector.
Product balances pointed to diverging trends. Motor gasoline inventories declined by 2.7 million barrels to 223.6 million barrels, placing stocks slightly below the seasonal norm and highlighting a relatively balanced supply backdrop at the height of the driving season. Conversely, propane/propylene inventories rose by 2.6 million barrels, now standing 3% above the five-year average.
US crude output held steady at an estimated 13.38 million bpd for the week.
Written: Farid Muzaffar