EIA: US oil inventories fell despite lower refining rates
Total motor gasoline inventories declined by 1.2 million barrels to 222.4 million, leaving supplies slightly below seasonal norms during peak summer driving demand.
US crude oil, gasoline, and distillate stocks declined last week, reflecting firm demand even as refinery activity edged lower, the Energy Information Administration (EIA) reported.
Commercial crude inventories fell by 2.4 million barrels to 418.3 million in the week to 22 August, extending the sharper-than-expected draw of the previous week. Analysts polled by Reuters had anticipated a 1.9-million-barrel decrease. Net crude imports increased by 299,000 bpd to 2.4 million bpd, with the four-week average of 2.65 million bpd running 0.7% below year-ago levels.
Refinery crude inputs slipped to 16.9 million bpd – 328,000 bpd lower than the previous week - trimming utilisation to 94.6% from one of the highest levels seen in recent years a week earlier. US crude production ticked higher, rising to 13.44 million bpd from 13.38 million bpd the week before.
Total motor gasoline inventories declined by 1.2 million barrels to 222.4 million, leaving supplies slightly below seasonal norms during peak summer driving demand. Distillate stocks also fell, while propane/propylene inventories rose by 1.7 million barrels, standing at a staggering 13% above the five-year average.
Total commercial petroleum inventories declined by 4.4 million barrels on the week.
Written: Farid Muzaffar