Sharp Decline in US Crude Inventories

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

Refinery Operations and Gasoline Production

Oil refinery inputs saw an uptick, averaging 16.1 million barrels per day (bpd), marking an increase of 189,000 bpd from the previous week. Despite operating at 88.6% of their capacity, gasoline production experienced a slight decline, averaging 9.5 million bpd.

Changes in Crude Oil Imports and Petroleum Inventories

Crude oil imports decreased by 90,000 bpd week-on-week, settling at an average of 5.5 million bpd. On the other hand, total commercial petroleum inventories saw an increase of 4.2 million barrels last week.