The United States Energy Information Administration (EIA) released its latest data on refinery crude runs, showing a notable reduction in the rate of decline. For the week ending on July 31, 2024, the indicator reached -0.257 million barrels, compared to the previous week's figure of -0.521 million barrels.
This week-over-week data, which reflects the changes in refinery crude run levels, signals a potential stabilization in refinery operations. The latest figures suggest that while there is still a decrease in crude run volumes, the rate of decline has lessened significantly.
Market analysts are closely watching these figures as they can provide insights into demand for refined products and overall economic activity. A smaller decline in refinery crude runs can imply improving conditions within the oil industry, and potentially broader economic resilience amidst ongoing market fluctuations.
