Crude Inventories Down More Than Expected Last Week: EIA

December 6, 2017

 

Commercial crude oil inventories fell by 5.6 million barrels in the week ended December 1st, according to the US Energy Information Administration in its weekly report.

Unlike previous weeks, the EIA‘s figures are close to those estimated by the American Petroleum Institute, which Tuesday reported a drawdown of about 5.5 million barrels.

Both figures were higher than many analysts had expected, which were in the 3-to-3.5-million barrel range.

US crude oil imports were down from the previous week also, averaging 7.2 million barrels per day, off 127,000 barrels from late November.

The EIA also said refineries processed 17.2 million barrels of crude per day last week.

Refineries were operating at 93.8% of capacity.

Production of gasoline was down at about 9.8 million barrels a day, when compared to late November’s 10.2 million.

Distillate fuel production increased, averaging 5.4 million barrels per day.