A sharp drop in the US crude stocks

Wednesday, February 10, 2021 - 17:04
Point Trader Group
A sharp drop in the US crude stocks

The US Energy Information Administration said on Wednesday, February 10 that crude and distillate stocks in the United States decreased, while gasoline stocks increased.

Crude inventories fell 6.6 million barrels for the week ending on the fifth of February to 469 million barrels, while analysts in a Reuters poll expected a rise of 985,000 barrels.

The Energy Information Administration said that crude stocks at the delivery center in Cushing, Oklahoma, fell by 658,000 barrels.

The administration said that crude consumption in refineries rose by 152,000 barrels per day.

Refinery operating rates rose 0.7%

It said that gasoline stocks increased by 4.3 million barrels to 256.4 million barrels, while analysts expected an increase of 1.8 million barrels.

The Energy Information Administration data showed stocks of distillates, which include diesel and heating oil, declined by 1.7 million barrels to 161.1 million barrels, against expectations for a decrease of 790 thousand barrels.

The administration said net US crude imports had increased by 216,000 barrels per day.

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