Us EIA crude oil stocks hit their lowest level since October 2018, but gasoline stocks unexpectedly increased
Source: Wall Street
U. S. EIA crude oil stocks plunged 3.481 million barrels in the week of Sept. 17, and are expected to fall by 2.45 million barrels for seven consecutive weeks. EIA gasoline stocks unexpectedly increased by 3.474 million barrels. WTI crude oil futures fell 20 cents to $71.57 a barrel in the short term after the data were released, narrowing overall gains to 1.6 per cent on the day.
On Wednesday, US Energy Information Administration (EIA) data showed that US EIA crude oil stocks unexpectedly fell by 3.481 million barrels in the week of Sept. 17, while analysts expected a decline of 2.45 million barrels, compared with a drop of 6.422 million barrels in the previous week. This is the seventh consecutive week of decline in EIA crude oil stocks. Crude oil stocks in Cushing fell by 1.476 million barrels in the week of Sept. 17, up from 1.103 million barrels the week before.
U.S. EIA gasoline stocks rose by 3.474 million barrels in the week of Sept. 17, and are expected to decline by 1.472 million barrels, compared with a decrease of 1.857 million barrels in the previous week.
Us EIA refinery stocks fell by 2.554 million barrels in the week of Sept. 17, and are expected to be reduced by 1.1 million barrels, compared with a decrease of 1.689 million barrels in the previous week.
U. S. refinery equipment utilization increased by 5.2 percent over the previous week. In the United States, the utilization rate of EIA refinery equipment in the week of September 17th is 5.4%, which is expected to be 2%, and the previous value is 0.2%.
WTI crude oil futures fell 20 cents in the short term after the EIA data, hitting as low as $71.57 a barrel, and overall intraday gains narrowed to 1.6 per cent.
Last day, the American Petroleum Association (API) industry edition weekly report showed that in the week of September 17, US API crude oil stocks fell by 6.108 million barrels, API Cushing crude stocks fell by 1.748 million barrels, refined oil gasoline stocks fell by 432000 barrels (down 2.761 million barrels the previous week), and distillate stocks fell by 2.72 million barrels (down 2.888 million barrels the previous week).
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