U.S. Crude Oil and Petroleum Product Inventories Rise, Attention on Demand Slowdown

U.S. commercial crude oil inventories increased by 2 million barrels over the week, reaching 411 million barrels. Gasoline and distillate inventories also rose, but the inventories of major petroleum products were lower than the recent five-year average. The refinery utilization rate remained at 96.1%, but crude oil input averaged 17.1 million barrels per day, a decrease. Gasoline production increased to an average of 9.7 million barrels per day, while distillate production rose to 5.3 million barrels per day. Motor gasoline inventories increased by 800,000 barrels, and total gasoline inventories were 7% lower than the recent five-year average. Distillate inventories rose by 1.4 million barrels, about 10% lower than the seasonal five-year average. U.S. crude oil imports averaged 5.8 million barrels per day, down 11.4% from the same period last year. Total commercial petroleum inventories increased by 11.6 million barrels. Over the past four weeks, petroleum product supply averaged 20.4 million barrels per day, a decrease of 1.0% compared to last year, with gasoline and distillate demand increasing, but overall demand declining. EIA data shows mixed signals for supply and demand, indicating that future oil prices will be influenced by crude oil inventories, refinery utilization rates, and geopolitical risks in the Middle East.

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