Significant Decrease in US Crude Oil Inventories

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), decreased by 2.7 million barrels to 440.4 million barrels in the week ending April 25.

Refinery Operations and Gasoline Production

Oil refinery inputs saw an average of 16.1 million barrels per day (bpd) during the same week, marking an increase of 189,000 bpd from the previous week's average. Refineries were operating at 88.6% of their operable capacity. However, gasoline production experienced a 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, averaging 5.5 million bpd. On the other hand, total commercial petroleum inventories saw an increase of 4.2 million barrels last week.