-
Crude Inventory Data Shows Increase of 5.9 Million Barrels Last Week
U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending August 4, 2023, which was 62 thousand barrels per day more than the previous week’s average. Refineries operated at 93.8% of their operable capacity last week. Gasoline production increased last week, averaging 9.9 million barrels per day. Distillate fuel production increased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 6.7 million barrels per day last week, increased by 14 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.7 ... (full story)
-
WTI Extends Gains Despite Crude Production Surge, Biden Admin Begins 'Refilling' SPR
Oil prices are higher (again) this morning, with WTI testing $84 - 2023 highs - as fears of global markets tightening continues. European NatGas prices are also pulling oil (and coal) higher and a weaker dollar is helping. "There is no doubt that there is plenty of momentum here, and traders are really ignoring all the bad news that is embedded in the Chinese data, which many analysts are trying to drum as loud as they can," Naeem Aslam, chief investment officer at Zaye Capital Markets, said in a note. "Oil traders are feeling highly comfortable with their approach when it comes to trading oil prices, and the clear ... (full story)