SunSirs: EIA: US Crude Oil Inventories Fell more than Expected Last Week, Production Rises to Record High

https://www.chemnet.com   Aug 08,2024 SunSirs

According to foreign news on August 7th, data released by the US Energy Information Administration (EIA) on Wednesday showed that US crude oil inventories decreased last week, but gasoline and distillate inventories increased.

The EIA report shows that as of the week ending August 2, US crude oil inventories fell by 3.7 million barrels to 429.32 million barrels, with analysts previously expecting a decline of 700,000 barrels.

The crude oil inventory at the Cushing warehouse in Oklahoma, the delivery location of NYMEX crude oil futures, increased by 579,000 barrels to 30.43 million barrels.

After the release of crude oil inventory data with a greater than expected decline, international oil prices expanded their gains.

As of 23:08 Beijing time, Brent crude oil futures rose $2.11, or 2.76%, to $78.59 per barrel; US crude oil futures rose $2.28, or 3.11%, to $75.48 per barrel.

The crude oil processing capacity of the refinery increased by 252,000 barrels per day, and the capacity utilization rate of the refinery increased by 0.4 percentage points to 90.5%.

Data shows that US gasoline inventories increased by 1.3 million barrels to 225.1 million barrels last week, with analysts expecting a decline of 1 million barrels.

The inventory of distillate oil, including diesel and heating oil, increased by 949,000 barrels to 127.8 million barrels, with analysts previously expecting an increase of approximately 200,000 barrels.

After the report was released, US gasoline and diesel futures also rose.

EIA reported that net crude oil imports from the United States increased by 552,000 barrels per day last week.

The EIA report shows that as of the week ending August 2, US crude oil production increased by approximately 100,000 barrels per day to a record high of 13.4 million barrels per day.

Last week's production increased for the first time since the previous record high of 13.3 million barrels per day in the first week of July.

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