US crude oil inventories surges 0.1 percent

2024-11-24 07:19:14

(MENAFN) US commercial crude oil inventories surged by 0.1 percent throughout the week finishing November 15, based on figures published by the energy Information Administration (EIA) late Wednesday.

Inventories increased by about 500,000 barrels to 430.3 million barrels, greater than the market anticipation of 400,000 barrels surge.

Strategic petroleum funds, which are excluded from commercial crude stocks, surged by nearly 1.4 million barrels to 389.2 million barrels in the previous week, the figures showed.

Through the same period, gasoline inventories increased by nearly 2.1 million barrels to 208.9 million barrels.

EIA figures revealed that US crude oil manufacturing declined by 190,000 barrels per day (bpd) to around 13.64 million bpd throughout the week finishing November 15

US crude oil imports rose by 1.17 million bpd to nearly 7.68 million bpd while shipments surged by 938,000 bpd to about 4.38 million bpd through the same period.

In the Short-Term Energy Outlook (STEO) published on November 13, the EIA expected that crude oil output in the nation would record an average of 13.23 million bpd in 2024.

In the upcoming year, crude oil output in the nation is projected to hit 13.53 million bpd.

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