EIA: U.S. Crude Inventories Surged by 1.2 Million bbl

SEATTLE (Oil Monster): The weekly report published by the U.S. Energy Information Administration (EIA) indicates that U.S. crude oil inventories for the week ending 31st May, 2024 increased significantly by 1.2 million bbl, upon comparison with the prior week. This is excluding the Strategic Petroleum Reserve, it noted.

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The U.S. crude oil inventories stood at 455.9 million bbl. However, this is down by 4% when compared with the 5-year average inventories. The U.S. crude refinery inputs increased by 31, 61,000 b/d over the previous week. The operating capacity of refiners stood at 95.4%, EIA stated. Meantime, the U.S. crude oil imports averaged at 7.1 million b/d during the week, significantly higher by 289,000 b/d from the previous week.

According to EIA report, the total motor gasoline inventories witnessed an increase by 2.1 million bbl over the previous week, but were still down by 1% from the five year averages. The finished gasoline inventories dipped, whereas the blending components inventories increased last week. The total motor gasoline imports averaged at 699,000 b/d during the week. Also, gasoline production averaged at 9.5 million b/d.

The distillate fuel inventories increased by 3.2 million bbl from last week, while the distillate fuel production too recorded increase to average at 5.1 million b/d during the past week.