EIA reveals mixed movement in oil, product inventories
Date
6/27/2024 4:25:31 AM
(MENAFN) The US energy Information Administration (EIA) reported on Wednesday a mixed movement in oil and product inventories for the week ending June 21. crude oil inventories rose by 3.6 million barrels to 460.7 million barrels, contrary to the expectations of analysts, who had anticipated a decline of 2.9 million barrels. Additionally, crude oil stocks at the Cushing, Oklahoma delivery hub decreased by 226,000 barrels.
Refinery operations also saw changes, with crude consumption in refineries falling by 233,000 barrels per day, leading to a 1.3 percentage point drop in refinery utilization rates. gasoline inventories increased by 2.7 million barrels, reaching 233.9 million barrels. This rise was unexpected, as analysts had forecasted a decrease of one million barrels.
In contrast, distillate stocks, which include diesel and heating oil, decreased by 0.4 million barrels, bringing the total to 121.3 million barrels. This decline slightly exceeded analysts' expectations of a 0.3 million barrel drop. Additionally, the EIA noted an increase in net US imports of crude oil, which rose by 65,000 barrels per day. These varied inventory movements reflect the ongoing fluctuations in supply and demand dynamics within the US oil market.
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