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Crude Inventory Data Shows Draw of 3 Million Barrels
U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending August 20, 2021 which was 66,000 barrels per day more than the previous week’s average. Refineries operated at 92.4% of their operable capacity last week. Gasoline production increased last week, averaging 10.2 million barrels per day. Distillate fuel production increased last week, averaging 5.0 million barrels per day. U.S. crude oil imports averaged 6.2 million barrels per day last week, down by 193,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels ... (full story)
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After Overnight Chop, WTI Steady After Crude Draw, Distillates Build
Oil prices rollercoastered overnight after a relatively weak API report with WTI testing down to a $66 handle before rallying up to a $68 handle and then fading back to unchanged from last night's API report. Additionally, crude inventories in Europe’s key oil-trading hub have fallen to the lowest since March 2020, partly due to constrained supply from Russia and the North Sea. “European demand is seeing a late summer recovery with improved refining margins,” Jane Rangel, a crude analyst with Energy Aspects, said by email. “Turnarounds are low this month, leaving August runs hitting an 18-month high as ... (full story)