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Crude Inventory Increases 4.3 Million Barrels
U.S. crude oil refinery inputs averaged 15.0 million barrels per day during the week ending October 22, 2021 which was 58,000 barrels per day more than the previous week’s average. Refineries operated at 85.1% of their operable capacity last week. Gasoline production increased last week, averaging 10.1 million barrels per day. Distillate fuel production increased last week, averaging 4.6 million barrels per day. U.S. crude oil imports averaged 6.3 million barrels per day last week, up by 430,000 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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WTI Holds Losses After Big Crude Build, Cushing Stocks Plunge
Oil prices tumbled overnight following a surprise crude build reported by API, but WTI has rebounded this morning after tagging a $82 handle to top $84. "There is little that can tilt oil prices away from their upwards momentum on the short term, as the only real supply source of significance is OPEC+, and there doesn't seem to be much mood for policy change on that front for the moment," said Louise Dickson, senior oil markets analyst at Rystad Energy, in daily market commentary. "There are only two offramps to the current bout of oil price volatility and one is OPEC+ taking supply action, but the group has ... (full story)