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US crude stocks drop 7.2M barrels
U.S. Energy Information Administration data shows that commercial crude oil inventories decreased by 7.2 million barrels for the week ending July 24, bringing them down to 404.5 million barrels, excluding strategic reserve stockpiles. Crude oil imports also declined to 5.7 million barrels per day, reflecting a 6.9% decrease compared to the same period last year. Meanwhile, refinery utilization rates and gasoline production increased to 9.9 million barrels per day, with jet fuel output rising to 5.4 million barrels daily. Oil product inventories saw slight increases, though most remain below the five-year averages. The data also indicates a 0.3% drop in gasoline demand, while jet fuel demand rose by 5.8%. Overall, these figures suggest a significant decrease in U.S. oil inventories, improved refining and production activities, coupled with reduced imports and adjustments in consumption rates.
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