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Crude Inventory Declined 6.1 Million Barrels Last Week, Says EIA
U.S. crude oil refinery inputs averaged 16.8 million barrels per day during the week ending August 18, 2023, which was 30 thousand barrels per day more than the previous week’s average. Refineries operated at 94.5% of their operable capacity last week. Gasoline production increased last week, averaging 9.7 million barrels per day. Distillate fuel production increased last week, averaging 5.1 million barrels per day. U.S. crude oil imports averaged 6.9 million barrels per day last week, decreased by 225 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.9 ... (full story)
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WTI Rebounds After Big Surprise Crude Draw; SPR Grows For 3rd Week
Oil prices continued their decline this morning - to one month lows - after ugly European and US PMIs added more fuel to the fire of slowing global demand fears that were stoked by China's disappointing data last week, all of which adds up with last night's API report showed a surprise gasoline inventory build, suggesting end-product demand lagging. Adding to bearish sentiment, observed exports from Iran have surged to 2.2 million barrels a day this month. Meanwhile, Turkey and Iraq have held a flurry of talks as they seek to restart a major oil pipeline, though they have failed to reach a breakthrough so far. API ... (full story)