US Crude Oil Inventories See Significant Increase

In a recent update from the Energy Information Administration (EIA), commercial crude oil inventories in the United States, excluding the Strategic Petroleum Reserve, experienced a notable increase of 2.6 million barrels, reaching a total of 442.3 million barrels for the week ending April 4.

Refinery Operations and Gasoline Production

US crude oil refinery inputs saw an average of 15.6 million barrels per day during the same week, marking a slight increase of 69,000 barrels per day from the previous week. Refineries operated at 86.7% of their capacity, while gasoline production witnessed a decrease, averaging 8.9 million barrels per day.

Crude Oil Imports and Petroleum Inventories

The country's crude oil imports averaged 6.2 million barrels per day last week, a decrease of 277,000 barrels per day from the previous week. Additionally, total commercial petroleum inventories rose by 1.2 million barrels, indicating a slight uptick in overall inventory levels.