U.S. crude oil, gasoline inventories slump: EIA

7 Jul 2017   Oil Supply, USA

U.S. crude oil inventories last week slumped to their lowest levels since January as refining rose and imports fell, while gasoline stocks also fell sharply ahead of the Fourth of July holiday weekend, the Energy Information Administration said on Thursday. Crude inventories fell 6.3 million barrels in the week to June 30, far more than analysts’ forecasts for a 2.3 million-barrel drawdown, to 502.9 million barrels. U.S. crude imports fell 514,000 barrels per day (bpd) last week as refinery crude runs rose 251,000 bpd and refining utilization rates gained 1.1 percentage points to 93.6 percent of nationwide capacity. Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures fell 1.3 million barrels, EIA said. Oil prices rose on the news, reversing Wednesday’s selloff as the data will help assuage concerns about weak demand […]

Comments are closed.