U.S. crude oil inventories decreased last week, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.
According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 5.8 million barrels during the week ending Aug. 17.
The market's expectation was draw of 1.5 million barrels in crude oil. The actual report was a larger draw that surprised the market.
In the previous week ending Aug. 10, EIA reported a build of 6.8 million barrels. The commercial crude oil inventories excluding SPR was 11.8 percent below the levels of the same week last year.
U.S. crude oil refinery input averaged 17.89 million barrels per day during the week ending Aug. 17 which was 89,000 barrels per day lower than the previous weeks average, but still 431,000 barrels per day higher than the levels the same week of last year. Over the past four weeks, refinery input averaged 17.73 million barrels per day which was 1.3 percent higher than the same four-week period of last year.
Higher refinery input for the time of the year was a major reason behind the large draw in crude oil inventories despite lower crude oil exports.
U.S. crude oil imports averaged 7.51 million barrels per day last week which was 1.49 million barrels per day lower than the levels of the previous week. Over the past four weeks, crude oil imports averaged 8.05 million barrels per day, 2.2 percent lower than the same four-week period last year.
U.S. crude oil exports averaged 1.15 million barrels per day last week, down by 437,000 barrels per day from the previous week.
The net imports averaged 6.36 million barrels per day last week, down by 1.05 million barrels per day from the previous week.
Total motor gasoline inventories increased by 1.2 million barrels last week, about 0.5 percent above the levels of the same week last year.
However, the market expected 800,000 barrels of gasoline draw. The actual report was a build rather than a draw due to higher than normal crude oil inputs to the refineries.
Distillate fuel inventories increased by 1.85 million barrels last week, but still 11.8 percent below the levels of the same week last year. Total commercial petroleum inventories decreased by 2.5 million barrels last week.
Total products supplied over the last four-week period averaged 20.80 million barrels per day, down by 1.1 percent from the same period last year. Over the past four weeks, motor gasoline supplied averaged 9.54 million barrels per day, down by 1.5 percent from the same period last year.
Distillate fuel oil supplied over the last four-week period averaged 3.90 million barrels per day, down by 7.7 percent from the same period last year. Over the past four weeks, jet fuel supplied averaged 1.83 million barrels per day, up by 3.7 percent from the same period last year.
According to EIA, U.S. crude oil production hit 11 million barrels per day which was 100,000 barrels per day higher than the previous week.
Oil prices jumped on Wednesday mainly due to the EIA report. The large draw in crude oil and minimal builds in the gasoline and distillates inventories created a bullish sentiment in the oil market. Although EIA also reported an increase in crude oil production, the market focused on the trend of strong demand.
The West Texas Intermediate (WTI) for October delivery price increased by 2.02 U.S. dollars, or 3.07 percent, to settle at 67.86 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery increased by 2.15 dollars, or 2.96 percent, to settle at 74.78 dollars a barrel on the London ICE Futures Exchange.
According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 5.8 million barrels during the week ending Aug. 17.
The market's expectation was draw of 1.5 million barrels in crude oil. The actual report was a larger draw that surprised the market.
In the previous week ending Aug. 10, EIA reported a build of 6.8 million barrels. The commercial crude oil inventories excluding SPR was 11.8 percent below the levels of the same week last year.
U.S. crude oil refinery input averaged 17.89 million barrels per day during the week ending Aug. 17 which was 89,000 barrels per day lower than the previous weeks average, but still 431,000 barrels per day higher than the levels the same week of last year. Over the past four weeks, refinery input averaged 17.73 million barrels per day which was 1.3 percent higher than the same four-week period of last year.
Higher refinery input for the time of the year was a major reason behind the large draw in crude oil inventories despite lower crude oil exports.
U.S. crude oil imports averaged 7.51 million barrels per day last week which was 1.49 million barrels per day lower than the levels of the previous week. Over the past four weeks, crude oil imports averaged 8.05 million barrels per day, 2.2 percent lower than the same four-week period last year.
U.S. crude oil exports averaged 1.15 million barrels per day last week, down by 437,000 barrels per day from the previous week.
The net imports averaged 6.36 million barrels per day last week, down by 1.05 million barrels per day from the previous week.
Total motor gasoline inventories increased by 1.2 million barrels last week, about 0.5 percent above the levels of the same week last year.
However, the market expected 800,000 barrels of gasoline draw. The actual report was a build rather than a draw due to higher than normal crude oil inputs to the refineries.
Distillate fuel inventories increased by 1.85 million barrels last week, but still 11.8 percent below the levels of the same week last year. Total commercial petroleum inventories decreased by 2.5 million barrels last week.
Total products supplied over the last four-week period averaged 20.80 million barrels per day, down by 1.1 percent from the same period last year. Over the past four weeks, motor gasoline supplied averaged 9.54 million barrels per day, down by 1.5 percent from the same period last year.
Distillate fuel oil supplied over the last four-week period averaged 3.90 million barrels per day, down by 7.7 percent from the same period last year. Over the past four weeks, jet fuel supplied averaged 1.83 million barrels per day, up by 3.7 percent from the same period last year.
According to EIA, U.S. crude oil production hit 11 million barrels per day which was 100,000 barrels per day higher than the previous week.
Oil prices jumped on Wednesday mainly due to the EIA report. The large draw in crude oil and minimal builds in the gasoline and distillates inventories created a bullish sentiment in the oil market. Although EIA also reported an increase in crude oil production, the market focused on the trend of strong demand.
The West Texas Intermediate (WTI) for October delivery price increased by 2.02 U.S. dollars, or 3.07 percent, to settle at 67.86 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery increased by 2.15 dollars, or 2.96 percent, to settle at 74.78 dollars a barrel on the London ICE Futures Exchange.
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