Significant drop in U.S. crude oil, fuel inventories
Date
7/25/2024 5:13:12 AM
(MENAFN) The U.S. energy Information Administration (EIA) reported a notable decline in crude oil, gasoline, and distillate inventories for the week ending July 19, surpassing analysts' expectations. Crude oil inventories fell by 3.7 million barrels, bringing the total to 436.5 million barrels. This decrease significantly exceeded the 1.6 million-barrel decline anticipated by analysts in a poll. Additionally, crude stocks at the Cushing, Oklahoma, delivery hub dropped by 1.7 million barrels during the same period.
Refinery operations also saw a reduction, with crude runs falling by 521,000 barrels per day and utilization rates decreasing by 2.1 percent. Gasoline inventories experienced a substantial drop of 5.6 million barrels, reducing the total to 227.4 million barrels, far exceeding the expected 400,000-barrel decline. Similarly, distillate stockpiles, which include diesel and heating oil, fell by 2.8 million barrels to 125.3 million barrels, contrary to analysts' expectations of a 250,000-barrel increase.
Moreover, the EIA reported that net crude imports to the United States decreased by 388,000 barrels per day last week. This overall reduction in inventories indicates a tightening supply in the U.S. oil market, which could have implications for prices and future production strategies.
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