A noticeable decline in crude oil inventories in America
Recorded inventories Crude oiland distillates in the United States of America declined significantly, while gasoline stocks witnessed an increase over the past week.
The US Energy Information Administration (the statistical arm of the Department of Energy) stated in its report issued today, that Crudedecreased by 3.5 million barrels, reaching 420.3 million barrels in the past week; This coincides with the decline in oil production to its lowest levels since last November, and contrary to expectations that indicated an increase by about 489 thousand barrels.
Decline in oil stocks
She added that crude stocks at the delivery center in Cushing, Oklahoma, fell by 743 thousand barrels that week, and crude consumption in refineries decreased by 180 thousand barrels per day, and refinery operating rates also decreased by 0.4 percentage points to 90.5%.
Administration data indicated that gasoline stocks in the United States rose by 685 thousand barrels to reach 257.9 million barrels, which is their highest level since June 2020, compared to expectations for an increase of 1.4 million barrels.
The data also showed that distillate stocks, which include diesel and heating oil, fell. 5.6 million barrels last week to record 127.4 million barrels, contrary to expectations of a decrease of 2.3 million barrels, indicating that net US imports of crude oil rose by 1.1 million barrels per day.
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