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Breaking: US Crude Oil Inventories Decline by 800,000 Barrels, Smaller Than Expected

Breaking: US Crude Oil Inventories Decline by 800,000 Barrels, Smaller Than Expected

Crude oil inventories in the United States saw a decline of 800,000 barrels for the week ending August 23, 2024, according to data released by the Energy Information Administration (EIA). This drop was smaller than the anticipated decrease of 2.52 million barrels, leaving total inventories at 425.2 million barrels, which is approximately 4% below the five-year average for this time of year.


Gasoline inventories also decreased by 2.2 million barrels, slightly more than the expected 1.93 million barrels. Meanwhile, distillate fuel inventories saw a modest increase of 275,000 barrels, contrary to the anticipated decline of 780,000 barrels.


Refineries operated at 93.3% of their capacity, with crude oil refinery inputs averaging 16.9 million barrels per day, an increase of 175,000 barrels per day from the previous week. Despite the smaller-than-expected drawdown in crude inventories, overall commercial petroleum inventories decreased by 3.1 million barrels last week.


Market analysts are closely watching these developments as they could impact crude oil prices and overall market sentiment in the energy sector.

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