Prices Slip Despite the Withdrawal in Crude and Petroleum Stocks

US crude oil stocks posted a decrease of 6.9 MMBbl from last week. Gasoline inventories decreased 0.7 MMBbl and distillate inventories increased 2.7 MMBbl. Yesterday afternoon, API reported a large crude oil draw of 7.2 MMBbl, alongside a gasoline draw of 4.5 MMBbl and a distillate build of 0.6 MMBbl. Analysts were expecting a smaller crude oil draw of 2.6 MMBbl. The most important number to keep an eye on, total petroleum inventories, posted a decrease of 3.1 MMBbl. For a summary of the crude oil and petroleum product stock movements, see the table below. US crude oil production remained unchanged last week, per the EIA. Crude oil imports were down 0.2 MMBbl/d last week, to an average of 6.7 MMBbl/d. Refinery inputs averaged 17.5 MMBbl/d (114 MBbl/d more than last week’s average), leading to a utilization rate of 95.1%. Prices slides down despite of the large crude draw and total petroleum stocks withdrawal. Prompt-month WTI was trading down $1.41/Bbl, at $55.99/Bbl, at the time of writing. Prices have been on an upward trend since last week following a couple of consecutive weeks of declining crude inventories as well as heightened tensions in the Middle East after Yemeni troops launched… continue reading

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Source: CTRM Center

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