FX.co ★ U.S. Weekly Refinery Utilization Declines to 1.3%, Marks Slight Drop from Previous Week

The Energy Information Administration (EIA) has reported a slight decline in weekly refinery utilization rates in the United States. For the week ending May 22, 2024, the utilization rate dropped to 1.3%, down from the previous week’s rate of 1.9%.

This data indicates a week-over-week decrease of 0.6 percentage points. The last week's utilization rate was already reflecting a reduction from earlier figures, showcasing a trend of diminishing refinery activity.

These changes might signal variations in refining capacity usage that could impact gasoline and other fuel supplies across the nation. Industry analysts are closely watching these numbers for broader implications on the energy market, including potential adjustments in crude oil demands and fuel price movements in the near future.