EIA: US crude inventories fell more than expected.
US commercial crude stockpile fell by 2.2 million barrels in the week ending 22 September 2023, more than analysts’ expectations of 320,000 barrels on strong export demand and refining activities.
US commercial crude stockpile fell by 2.2 million barrels in the week ending 22 September 2023, more than analysts’ expectations of 320,000 barrels on strong export demand and refining activities.
At 416.3 million barrels, US crude inventories are about 4% below the five-year average for this time of year.
Exports fell about 1 million barrels from the week before to 4.012 million barrels per day while refineries operated at 89.5% of their operable capacity.
Total gasoline inventories increased by 1 million barrels. Distillate fuel added 400,000 barrels. Propane/propylene stocks added another 700,000 barrels and currently are 19% above the five-year average.
Local oil production remained unchanged at 12.9 million barrels per day during the week.