Significant Decline in US Crude Inventories

The Energy Information Administration (EIA) has reported a notable decrease in commercial crude oil inventories in the United States. Excluding the Strategic Petroleum Reserve (SPR), inventories fell by 2.7 million barrels to 440.4 million barrels for the week ending April 25.

Refinery Operations and Production

Oil refinery inputs saw an increase, averaging 16.1 million barrels per day (bpd), up by 189,000 bpd from the previous week. Refineries operated at 88.6% of their capacity. However, gasoline production experienced a decline, averaging 9.5 million bpd.

Changes in Imports and Total Petroleum Inventories

Crude oil imports decreased by 90,000 bpd week-on-week, averaging 5.5 million bpd. Despite the drop in crude inventories, total commercial petroleum inventories rose by 4.2 million barrels last week.