EIA: US crude stocks plunged on record-low imports; gasoline fell, distillates built

US commercial crude inventories registered their steepest draw in three months last week, reflecting a collapse in net imports alongside lower refinery activity, the Energy Information Administration (EIA) reported.

Crude stocks declined by 9.3 million barrels to 415.4 million in the week ending 12 September, far exceeding analyst expectations of a 0.9 million-barrel drop. The fall was largely attributable to record-low net imports and a surge in exports, rather than a rise in refinery demand, underscoring external trade flows as the key driver of the draw.

Refinery operations also slowed. Crude inputs averaged 16.4 million barrels per day (bpd), down 394,000 bpd from the previous week, with utilisation falling to 93.3%. The pullback suggests refiners are adjusting runs lower from recent highs, contributing to softer crude demand.

Product balances showed a mixed picture. Gasoline inventories dropped by 2.3 million barrels to 217.6 million, about 1% below the five-year average, indicating stocks remain tight during the tail end of the summer driving season. Distillate inventories, by contrast, rose by 4.0 million barrels to 124.7 million, though still 8% under seasonal norms, highlighting some improvement in supply without eliminating the structural deficit. Propane and propylene stocks increased by 1.3 million barrels, standing 12% above the five-year norm and reinforcing the surplus in that segment.

Local crude oil production held largely steady at 13.482 million barrels per day during the reporting week. 

Written: Aiman Haikal