EIA: Crude stocks built as imports surged; product draws signalled seasonal slowdown

US commercial crude inventories rose in the week ending 3 October, marking the second consecutive build as higher imports outweighed steady exports and elevated refinery throughput, according to data from the Energy Information Administration (EIA).

Crude stocks increased by 3.7 million barrels to 420.3 million, leaving inventories about 4% below the five-year average. The build came as crude imports surged by 570,000 barrels per day (bpd) to 6.4 million bpd, while exports edged up slightly to 3.59 million bpd. Domestic production climbed to 13.63 million bpd, extending its rise toward record territory.

Refinery activity remained robust but began easing from late-summer highs. Crude runs averaged 16.3 million bpd, up by 130,000 bpd from the prior week, with utilisation at 92.4%. Gasoline and distillate output both increased, suggesting refiners continued to prioritise product supply despite uneven demand signals. Product balances showed tightening conditions. Total motor gasoline inventories fell by 1.6 million barrels to stand 1% below the five-year norm, while distillate stocks declined by 2.0 million barrels, extending the deficit to 6% under seasonal levels.

Propane/propylene inventories dropped by 2.9 million barrels but remained 9% above the five-year average, sustaining a comfortable surplus in that segment.
Total commercial petroleum inventories eased by 1.2 million barrels, reflecting broad product draws offsetting crude gains.

Overall, the data suggests a market recalibrating after summer peaks — rising supply meeting waning seasonal demand, with crude builds cushioning against tightening product stocks. The focus now turns to refinery run adjustments and demand resilience heading into the colder months.

Written: Aiman Haikal