Management: US oil stocks fell more than expected last week

Wednesday, August 30, 2023 - 18:51
Point Trader Group

The Energy Information Administration said on Wednesday that US inventories of crude oil fell by 10.6 million barrels last week, more than expected, on the back of rising exports and strong demand from refineries.

The administration reported that crude oil inventories fell to 422.9 million barrels, the lowest level since December 30. Analysts' expectations, in a Reuters poll, were for a decrease of 3.3 million barrels.

The administration said that crude stocks at the delivery center in Cushing, Oklahoma, fell by 1.5 million barrels in the week ending August 25.

It added that net US imports of crude oil fell by 586,000 barrels per day.

Refinery operating rates fell by 1.2 percentage points to 93.3 percent.

The administration said that gasoline stocks fell by 0.2 million barrels to 217.4 million last week, compared to analysts' expectations in a Reuters poll for a decline of 0.9 million barrels.

Management data showed that distillate stocks, which include diesel and heating oil, rose by 1.2 million barrels to 117.9 million, compared to analysts' expectations for a rise of 0.2 million.

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