EIA: U.S. Crude Oil Inventories Hit Three-Month Peak

SEATTLE (Oil Monster): The weekly data published by the U.S. Energy Information Administration (EIA) indicates that crude oil inventories in the country rose higher than expectations.

The commercial crude inventories rose 4% to touch 439.4 million barrels during the week ended 10^th November, 2023, upon comparison with 421.9 million barrels during the week before that. The inventory level touched the highest since August this year. On the contrary, the inventories remained nearly 2% below the five-year average during this time of the year, EIA report said.

The distillate fuel inventories were down by 13% from the five-year average, whereas the propane and propylene inventories surged higher by 1.3 million barrels from the prior week, higher by 17% than the five-year average. The refineries ramped up production in response to strong seasonal demand.

The volume of products supplied over the four-week period ending Nov. 15 averaged at 20.4 million barrels per day, marginally down by 2% year-on-year.

The crude oil imports averaged at 6.4 million barrels per day during the week ended Nov. 15, lower than the previous week by 21,000 barrels per day. The crude oil imports averaged at 6.3 million barrels per day during the past four-week period.

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