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Crude Inventory Data Shows Decline of 876 Thousand Barrels
Summary of Weekly Petroleum Data for the week ending March 26, 2021 U.S. crude oil refinery inputs averaged 14.9 million barrels per day during the week ending March 26, 2021 which was 0.6 million barrels per day more than the previous week’s average. Refineries operated at 83.9% of their operable capacity last week. Gasoline production increased last week, averaging 9.3 million barrels per day. Distillate fuel production increased last week, averaging 4.7 million barrels per day. U.S. crude oil imports averaged 6.1 million barrels per day last week, increased by 0.5 million barrels per day from the previous week. ... (full story)
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WTI Pumps-n-Dumps After Crude Draw Ahead Of OPEC+ Meeting
Oil prices chopped around overnight but are basically flat ahead of this morning's inventory/demand/production data. Weakness came on concerns about the market's recovery after OPEC and its allies lowered their 2021 demand growth forecast, although strong Chinese factory activities lent some support (China's manufacturing activity expanded at the quickest pace in three months in March as factories cranked up production after a brief lull during the Lunar New Year holidays). The Organization of the Petroleum Exporting Countries and allies, together called OPEC+, are set to meet on Thursday, to decide on output policy. ... (full story)