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Crude Inventory +4.51M Barrels vs +148K Expected
U.S. crude oil refinery inputs averaged 15.2 million barrels per day during the week ending February 18, 2022 which was 344,000 barrels per day more than the previous week’s average. Refineries operated at 87.4% 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 6.8 million barrels per day last week, increased by 1.0 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 ... (full story)
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WTI Holds Gains After Surprise Crude Build, Another Hint At SPR Releaae
Crude prices are (obviously) dramatically higher heading into this morning's DOE inventory data (as geopolitical crisis dramatically trumped an unexpectedly large crude build reported by API). Bloomberg Intelligence Energy Analyst Fernando Valle weighs in: “The rally in WTI and Brent prices is being aided by escalating tension between Russia and NATO allies, but also by disappointing shale-output growth. Calls to the U.S. and OPEC+ to boost production may do little good, with OPEC still underdelivering on quotas at record levels. “Global interest rates remain the key risk to 2022 oil demand, we believe. A ... (full story)