The US Energy Information Administration said today, Wednesday, that crude oil stocks in the United States fell to their lowest levels since January 2020.
US crude stocks have been falling for a few months amid a recovery in fuel demand in the world’s largest economy as more Americans get a vaccine against the Corona virus, but virus infections are jumping again and analysts are watching to see if fuel demand will slow, especially in southern states where virus infections jump .Crude stocks fell by 3.2 million barrels in the week ending August 13 to 435.5 million barrels, exceeding the expectations of analysts who polled them for a decrease of 1.1 million barrels. Crude exports rose last week to 3.4 million barrels per day.
The government agency said that crude stocks at the delivery center in Cushing, Oklahoma, fell by 980,000 barrels last week, continuing to decline for the tenth week in a row, to reach 33.6 million barrels, their lowest levels since October 2018.
Crude consumption in refineries decreased by 191,000 barrels per day last week, and refinery operating rates increased by 0.4 percentage points over the week.
Gasoline stocks increased by 696,000 barrels last week to 228.2 million barrels, while analysts’ expectations in a poll indicated a decline of 1.7 million barrels.
Energy Information Administration data showed distillate stocks, which include diesel and heating oil, fell 2.7 million barrels to 137.8 million barrels, compared to expectations for an increase of 276,000 barrels.
The administration said that net imports of US crude oil last week fell by 813,000 barrels per day.
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