EIA: US crude inventories build on strong import inflows

US commercial crude oil inventories, excluding the Strategic Petroleum Reserve (SPR), rose by 3.0 million barrels in the week ending 8 August, reaching 426.7 million barrels, according to the latest data from the Energy Information Administration (EIA).

The increase was driven primarily by a sharp rise in imports, which climbed by 958,000 barrels per day (b/d) to 6.9 million b/d, marking the highest weekly inflow since early 2024. The four-week moving average stood at 6.25 million b/d, down 5.1% on the same period last year. Crude exports also firmed, averaging 3.58 million b/d, although the four-week average of 3.36 million b/d remains well below the 4.13 million b/d recorded a year earlier.

Refinery activity remained robust, with crude throughput averaging 17.2 million b/d—an increase of 56,000 b/d from the previous week—while utilisation rates edged higher to 96.4%. Gasoline output averaged 9.8 million b/d and distillate production reached 5.1 million b/d, both posting week-on-week gains.

Product stock movements were mixed. Total motor gasoline inventories fell by 0.8 million barrels, in line with the seasonal norm. Distillate stocks rose by 0.7 million barrels but remain 15% below the five-year average, underscoring ongoing supply tightness. Propane/propylene inventories posted a substantial 3.9-million-barrel build, extending their surplus to 11% above average. 

Demand signals showed a nuanced picture. Over the past four weeks, total products supplied averaged 21.2 million b/d, up 2.9% year-on-year. Motor gasoline and distillate demand contracted by 1.5% and 1.6%, respectively, while jet fuel consumption advanced 4.3%, reflecting continued resilience in the aviation sector.

Local crude oil production was assessed slightly higher from the previous week, reaching 13.327 million barrels per day during the reporting week.

Written: Aiman Haikal