US Crude Oil Inventories Surge Amid Stable Refinery Utilization
The US Energy Information Administration (EIA) has reported a significant increase in commercial crude oil inventories. According to the EIA's weekly oil inventory report, US crude oil stocks rose by 17.4 million barrels to 424.4 million barrels in the week ending August 7.
This marked a substantial jump in crude oil reserves, which could have implications for oil prices and market trends. Despite this increase, refinery utilization rates remained relatively stable at 96.2%, only slightly lower than the previous week's rate of 96.5%.
In contrast to crude oil stocks, gasoline inventories decreased by 968,000 barrels over the same period, falling to 208.7 million barrels. Distillate stocks also dropped, decreasing by 10,000 barrels to 107.1 million barrels.