EIA Weekly Inventory Status Report shows larger Crude oil inventory draw

 

Crude oil stockpiles dropped whopping 10.027 million barrels to 427.8mb in the week ending August 23 against the expectations for 2mb drop and previous week’s decline of 2.7mb. Inventories are now at the 5-Year average for this time of the year.

Gasoline stocks fell by 2.09mb against the expectations for 0.388mb decline while, Distillate inventories fell 0.434mb during the same period.

Refineries operation rate was 95.2% of their capacity.

US Crude oil imports fell sharply to 5.9mb per day last week.

US prodcuction rose to another record high of 12.5 million barrel per day in the week ending August 23, making United States world's largest producer of oil.

 

Story by Shelly Airan for TarunSatsangi.com