EIA: US crude inventories reduced by 4.5 million barrels as exports remained strong.
Supply at the Cushing storage facility in Oklahoma fell 0.8 million barrels during the week, to a dangerously low level, prompting concerns about the quality of oil remaining at the delivery point for US oil futures.
The US commercial crude inventories declined by another 4.5 million barrels in the week ending 13 October 2023 as export activities remained resilient, according to data from the Energy Information Administration (EIA).
At 419.7 million barrels, the US crude inventories are about 5% below the five-year average for this time of year.
Supply at the Cushing storage facility in Oklahoma fell 0.8 million barrels during the week, to a dangerously low level, prompting concerns about the quality of oil remaining at the delivery point for US oil futures.
Exports rose 2.3 million barrels from the week before to about 5.3 million barrels per day. Meanwhile, US refineries operated at 86.1% of their operable capacity.
Total motor gasoline inventories decreased by 2.4 million barrels while distillate fuel stocks dropped by 3.2 million barrels.
On the other hand, propane/propylene inventories increased by 0.8 million barrels week-on-week and are currently at 18% above the five-year average.
The US produced 13.2 million barrels of crude oil per day last week.