EIA: US inventories build as imports rise and product stockpiles increase

US commercial crude inventories rose by 2.8 million barrels to 426.9 million barrels in the week ended 21 November, reversing the previous week’s draw and leaving stocks about 4% below the five-year average. The build was driven primarily by higher crude imports and softer product balances.

Crude imports climbed by 486,000 bpd to 6.4 million bpd, though the four-week average remained 11.2% below year-ago levels. Exports eased by 560,000 bpd to 3.6 million bpd, contributing to the weekly stock increase.

Refinery activity remained firm, with crude inputs rising 211,000 bpd to 16.4 million bpd, lifting utilization to 92.3%, a level consistent with late-season operating strength. Gasoline production was steady at 9.6 million bpd, while distillate output rose to 5.0 million bpd, up 87,000 bpd from the previous week.

Gasoline inventories increased by 2.5 million barrels to 209.9 million barrels, as higher blending components offset a decline in finished gasoline. On a four-week average basis, motor gasoline supplied held near 8.8 million bpd, broadly flat year on year. 

Distillate inventories rose 1.1 million barrels to 112.2 million barrels, with four-week average demand at 3.7 million bpd, slightly below last year. Jet fuel supplied fell 4.7% over the same period. Propane/propylene stocks declined by 1.1 million barrels to 104.2 million barrels, though inventories remain 16% above the five-year norm.

Overall, US crude and product inventories moved higher on the back of increased imports and stable refinery runs, while demand indicators held broadly neutral. The data reinforced a mildly oversupplied market heading into late November, keeping pressure on near-term price sentiment.

Written by: Aiman Haikal