US Crude Inventories See Significant Decline

In a recent report by the Energy Information Administration (EIA), it was revealed that commercial crude oil inventories in the United States, excluding the Strategic Petroleum Reserve (SPR), experienced a notable decrease of 2.7 million barrels, bringing the total to 440.4 million barrels for the week ending April 25.

Refinery Operations and Gasoline 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 were operating at 88.6% of their capacity. However, gasoline production saw a slight decrease, averaging 9.5 million bpd.

Changes in Crude Oil Imports and 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 increased by 4.2 million barrels last week.