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US Oil Stocks Plummet Unexpectedly
2 Jan
Summary
- US crude oil inventories decreased by 1.9 million barrels last week.
- Gasoline inventories surprisingly increased by 5.8 million barrels.
- Crude oil production remained steady at 13.8 million barrels daily.
Last week, U.S. commercial crude oil inventories, excluding the Strategic Petroleum Reserve, fell by 1.9 million barrels, reaching 422.9 million barrels. This decrease was largely due to a significant drop in crude oil imports by 1.1 million barrels per day, alongside a slight increase in refinery utilization to 94.7%.
Contrary to expectations, gasoline inventories experienced a substantial surge of 5.8 million barrels, bringing the total to 234.3 million barrels. This build occurred despite a reported decrease in gasoline demand. Distillate fuel stocks also rose by 5 million barrels.
U.S. crude oil production remained virtually unchanged at an estimated 13.8 million barrels a day. Meanwhile, oil stored in the Strategic Petroleum Reserve increased, and inventories at Cushing, Oklahoma, the key delivery hub, were also up.
