US Crude Inventories See Significant Increase

In a recent update from the Energy Information Administration (EIA), it was revealed that commercial crude oil inventories in the United States, excluding the Strategic Petroleum Reserve, surged by 2.6 million barrels to 442.3 million barrels in the week ending April 4.

Current Inventory Levels and Refinery Operations

The nation's inventories are now approximately 5% below the five-year average for this period. Refineries across the country processed an average of 15.6 million barrels per day, marking an increase of 69,000 barrels per day from the previous week's average.

Production and Import Trends

Operating at 86.7% of their capacity, refineries saw a decrease in gasoline production, averaging 8.9 million barrels per day. Meanwhile, crude oil imports dipped by 277,000 barrels per day, settling at an average of 6.2 million barrels per day for the week.

Overall Petroleum Inventory Movement

Total commercial petroleum inventories experienced a rise, climbing by 1.2 million barrels last week, according to the EIA's comprehensive report.