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Crude Inventory Declines 5.5 Million Barrels, Gasoline Increases 10.9 Million Barrels
U.S. crude oil refinery inputs averaged 16.7 million barrels per day during the week ending December 29, 2023, which was 121 thousand barrels per day more than the previous week’s average. Refineries operated at 93.5% of their operable capacity last week. Gasoline production decreased last week, averaging 8.8 million barrels per day. Distillate fuel production increased last week, averaging 5.2 million barrels per day. U.S. crude oil imports averaged 6.9 million barrels per day last week, increased by 619 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 ... (full story)
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Very Large Product Builds Push Oil Lower Despite Crude Draw
Crude oil prices moved lower today after the Energy Information Administration reported substantial fuel inventory builds for the week to December 29. In crude oil, the authority estimated an inventory decline of 5.5 million barrels for the last week of 2023. This compared with a weekly inventory draw of 6.9 million barrels for the previous week, when fuel inventories posted mixed inventory changes with gasoline stocks falling and middle distillate inventories swelling. A day before the EIA released its report, the American Petroleum Institute reported an estimated 7.4-million-barrel draw in crude oil inventories, ... (full story)