EIA: US crude inventories declined amid slowing production and mixed product trends
Total motor gasoline stocks rose 0.7 million barrels to 257.9 million barrels, around 4% above the five-year average, despite a 0.6 million bpd decline in production to 9.0 million bpd.
US commercial crude inventories continued to tighten last week, underscoring a market under pressure despite rising net imports. Data from the US Energy Information Administration (EIA) for the week ending 30 January showed crude stocks (excluding Strategic Petroleum Reserves) fell by 3.5 million barrels to 420.3 million barrels, around 4% below the five-year average for this period.
The drawdown coincided with a slowdown in domestic production, which dropped by 481,000 barrels per day (bpd) to 13.2 million bpd. Refinery activity also eased, with crude runs averaging 16.0 million bpd, down 180,000 bpd, and the utilisation rate falling slightly to 90.5% of the overall capacity.
Inventories continued to fall even as net imports rose by 1.1 million week-on-week, with exports dropping sharply to 4.05 million bpd from 4.59 million bpd, while imports climbed 558,000 bpd to 6.2 million bpd.
Refined products showed a mixed picture. Total motor gasoline stocks rose 0.7 million barrels to 257.9 million barrels, around 4% above the five-year average, despite a 0.6 million bpd decline in production to 9.0 million bpd. Within gasoline inventories, finished stocks decreased while blending components increased. Distillate fuel stocks fell by 5.6 million barrels, remaining roughly 2% below the five-year average for this time of year.
Written by: Farid Muzaffar