US Crude Oil Inventories See Significant Increase

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, increased by 4 million barrels to 441.8 million barrels for the week ending May 9.

Refinery Operations and Gasoline Production

During the same period, crude oil refinery inputs in the country averaged 16.4 million barrels per day (bpd), marking an increase of 330,000 bpd from the previous week. Refineries were operating at 90.2% of their capacity. However, gasoline production saw a decline, averaging 9.4 million barrels per day.

Changes in Crude Oil Imports

The US experienced a decrease in crude oil imports, averaging 5.8 million barrels per day, which is 214,000 barrels per day less than the week before. Overall, total commercial petroleum inventories grew by 4.9 million barrels.