US Crude Oil Inventories See Significant Rise

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, surged by 7.1 million barrels to 426 million barrels in the week ending July 4.

Current Inventory Levels and Refinery Operations

Despite this increase, US inventories are still approximately 8% below the five-year average for this period. Refineries operated at 94.7% of their capacity, a slight decrease from the previous week, with crude oil refinery inputs averaging 17 million barrels per day.

Gasoline Production and Crude Oil Imports

Gasoline production saw an uptick, averaging 9.9 million barrels per day. However, crude oil imports experienced a downturn, averaging 6.1 million barrels per day, marking a 9.6% decrease compared to the same time last year.

Total commercial petroleum inventories witnessed a decline of 6.4 million barrels, indicating a dynamic shift in the US oil market landscape.