U.S. crude stockpiles drop the most since September: EIA

13 Jul 2017   Oil Supply, USA

U.S. crude oil inventories last week dropped the most in ten months, falling more than expected as imports declined and refining rates rose, while gasoline stocks decreased although demand remained lackluster, the Energy Information Administration said on Wednesday. Crude inventories fell 7.6 million barrels in the week to July 7, compared with analysts’ expectations for a decrease of 2.9 million barrels. The decline was the biggest since the week ended Sept. 4. The largest crude draw was in the Gulf Coast region, where crude stockpiles fell 6.1 million barrels, the biggest weekly draw since May. Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures fell by 1.9 million barrels to 57.6 million barrels, their lowest level since November 2015, EIA said. U.S. inventories have been closely watched amid market concerns that U.S. output from shale formations could offset OPEC’s efforts to throttle […]

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