EIA: US commercial crude inventories posted larger-than-expected build
US commercial crude inventories recorded a substantial increase for the second consecutive week, according to data from the Energy Information Administration (EIA) for the week ending 07 January 2025.
US commercial crude inventories recorded a substantial increase for the second consecutive week, according to data from the Energy Information Administration (EIA) for the week ending 07 January 2025. The nation's stockpile grew by 4.1 million barrels, bringing total inventories to 427.9 million barrels—approximately 4% below the five-year seasonal average.
Crude oil imports declined by 606,000 barrels per day (bpd) compared to the previous week. However, over the past four weeks, imports have averaged 6.6 million bpd, reflecting a 7.6% year-on-year increase for the same period.
Refinery utilisation rates edged up slightly, rising from 84.5% to 85% week-over-week. In contrast, total motor gasoline inventories posted a notable decline, falling by 3.0 million barrels to 248.1 million barrels.
Meanwhile, US crude oil production registered a modest increase of 16,000 bpd, maintaining levels near a historic high of 13.494 million bpd.
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Written by: Muhammad Hafiz