US crude inventories continue to climb

Data released by the US Energy Information Administration (EIA) show that commercial crude oil inventories in the United States rose by 3.1 million barrels from the previous week, defying expectations of a 1 million-unit draw. At 464.7 million barrels, US crude stocks are approximately 2% above the five-year average for this time of year

Total gasoline inventories decreased by 1.6 million barrels compared to the previous week, yet remain 3% above the five-year average for this period. Finished gasoline stocks increased, while blending component inventories declined.

The EIA reports that refineries continued to operate at 92% of their operable capacity during the past week, maintaining a production pace similar to the previous reporting period