Sharp Decline in US Crude Inventories

In a recent revelation by the Energy Information Administration (EIA), commercial crude oil inventories in the United States, excluding the Strategic Petroleum Reserve (SPR), experienced a notable decrease of 4.2 million barrels, bringing the total down to 416.8 million barrels for the week ending December 20.

Increased Refinery Operations and Gasoline Production

During the same period, crude oil refinery inputs saw an increase, averaging 16.8 million barrels per day (bpd), which is up by 205,000 bpd from the previous week. Refineries operated at 92.5% of their operable capacity, with gasoline production also rising to an average of 9.9 million bpd.

Drop in Crude Oil Imports and Total Commercial Petroleum Inventories

Crude oil imports fell by 178,000 bpd, averaging 6.5 million bpd on a weekly basis. Additionally, total commercial petroleum inventories decreased by 12.7 million barrels, indicating a significant shift in the petroleum landscape.