U.S. crude oil inventories fall beyond expected, refinery activity increases
Date
7/11/2024 4:19:55 AM
(MENAFN) In the week ending July 5, U.S. crude oil inventories saw a notable decline of 3.4 million barrels, reaching a total of 445.1 million barrels. This decrease exceeded analysts' expectations, who had anticipated a draw of 1.3 million barrels. The U.S. energy Information Administration (EIA) reported that inventories at the Cushing, Oklahoma delivery hub fell by 702,000 barrels during the same period.
Meanwhile, crude oil consumption in U.S. refineries increased by 317,000 barrels per day, reflecting higher refining activity. The refinery utilization rate also saw a significant rise of 1.9 percentage points over the week.
In addition to the decline in crude oil stocks, gasoline inventories decreased by 2 million barrels to 229.7 million barrels, which was more substantial than the expected decrease of 0.6 million barrels as per analysts' forecasts. However, the data from the EIA indicated a contrasting trend for distillate stockpiles, which include products like diesel and heating oil. Distillate inventories rose by 4.9 million barrels to 124.6 million barrels, surpassing expectations for an increase of 0.8 million barrels.
Furthermore, the EIA reported that net U.S. imports of crude oil rose by 615,000 barrels per day during the week, indicating an increase in international crude oil inflows into the country. These developments in inventory levels and import trends reflect ongoing dynamics in the U.S. energy market, influencing pricing and supply dynamics both domestically and globally.
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