EIA: U.S. Crude Oil Inventories Declined

SEATTLE (Scrap Monster):  The data from the most recent report published by the U.S. Energy Information Administration (EIA) suggests that U.S. crude oil inventories recorded decline during the week ended August 23, 2024.

The inventories, excluding the Strategic Petroleum Reserve, posted decline by 800,000 bbl, compared with the previous week. The inventories totalled 425.2 million bbl. This is almost 4% down when matched with the 5-year average for this time of the year.

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The total motor gasoline inventories witnessed a decline by 2.2 million bbl from the previous week. Finished gasoline inventories were down during the week, whereas blending components inventories recorded weekly increase. In the meantime, distillate fuel inventories increased by 300,000 bbl.

The gasoline production declined, averaging at 9.6 million b/d. Also, distillate fuel production averaged at 5.0 million b/d, recording increase over the prior week, EIA report said.

According to EIA, the U.S. crude oil refinery inputs averaged at 16.9 million b/d for the week ended Aug. 23. The refinery operating capacity during the week was 93%. The U.S. crude oil imports averaged at 6.6 million b/d during the week, down by 92,000 b/d from the prior week.