Crude Oil Pushed Higher After Weekly Inventory
EIA Report Shows Increase in Stockpiles
Refinery Capacity Jumps
Crude oil inventories in the United States rose by 14 million barrels last week, according to the latest report from the Energy Information Administration (EIA). This was contrary to analysts' expectations, who had predicted a decline in stockpiles. The increase was primarily driven by a ramp-up in refinery capacity utilization.
Crude oil refinery inputs averaged 165 million barrels per day during the week ending August 9, 2024. This was up from 163 million barrels per day the previous week. The increased refinery activity led to a decrease in crude oil stocks.
Commercial crude oil stocks rose by 14 million barrels in the latest week. This brought total crude oil stocks to 459.7 million barrels. The increase in stocks was larger than the previous week's increase of 12 million barrels.
The EIA report also showed that gasoline stocks decreased by 1.5 million barrels last week. This brought total gasoline stocks to 233.1 million barrels. The decrease in gasoline stocks was smaller than the previous week's decrease of 2.5 million barrels.
The EIA report is closely watched by oil markets as it provides insights into the supply and demand of crude oil and refined products. The latest report suggests that the market is tightening, as demand for crude oil remains strong while inventories are declining.
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