US Crude Inventories Take a Leap

In a recent update from the US Energy Information Administration, it's been revealed that crude oil stockpiles in the United States saw a significant increase of 4.1 million barrels, bringing the total to 427.9 million barrels for the week ending February 7.

Refinery Operations and Gasoline Production on the Rise

Crude oil refinery inputs in the country averaged at 15.4 million barrels per day, marking an increase of 82,000 barrels per day from the previous week. Refineries operated at 85.0% of their capacity, with gasoline production climbing to an average of 9.3 million barrels per day.

Crude Oil Imports and Petroleum Inventories

Imports of crude oil into the US averaged 6.3 million barrels per day, showing a decrease of 606,000 barrels per day compared to the week before. Meanwhile, total commercial petroleum inventories saw an increase of 1.2 million barrels.