U.S. oil stockpiles fall, crude output drops sharply – EIA

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August 12, 2020

NEW YORK U.S. crude oil, gasoline and distillate inventories fell last week as crude production dropped sharply and refiners ramped up production, the Energy Information Administration said on Wednesday.

Crude inventories fell by 4.5 million barrels in the last week to 514.1 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.9 million-barrel drop.

“Crude oil production finally caved in as anticipated, down 300,000 barrels (per day),” said Tony Headrick, energy markets analyst at CHS Hedging. “That to me is a clear highlight.”

U.S. crude output dropped to 10.7 million barrels per day from 11 million bpd the previous week, according to the report.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.3 million barrels last week, EIA said. U.S. Gulf Coast crude stockpiles posted their biggest combined three-week drop on record, according to the report.

Refinery crude runs rose by 21,000 bpd as utilization rates rose by 1.4 percentage points to 81% of total capacity. U.S. East Coast refinery utilization rates climbed to 71.8% of total capacity, the highest since August 2019, according to the data.

U.S. gasoline stocks fell by 700,000 barrels to 247.08 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 0.7 million-barrel drop.?

Distillate stockpiles, which include diesel and heating oil, fell by 2.3 million barrels to 177.66 million barrels, versus expectations for a 0.4 million-barrel rise, the EIA data showed.

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Net U.S. crude imports fell last week by 713,000 bpd, the EIA said.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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U.S. oil stockpiles fall, crude output drops sharply – EIA

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