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Crude Inventory Data Shows Decrease of 2.1 Million Barrels Last Week
U.S. crude oil refinery inputs averaged 16.3 million barrels per day during the week ending September 15, 2023, which was 496 thousand barrels per day less than the previous week’s average. Refineries operated at 91.9% of their operable capacity last week. Gasoline production increased last week, averaging 9.7 million barrels per day. Distillate fuel production decreased last week, averaging 4.8 million barrels per day. U.S. crude oil imports averaged 6.5 million barrels per day last week, decreased by 1.1 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.9 ... (full story)
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EIA: INVENTORIES OF CRUDE IN THE US SPR UP 600,000 BBLS TO 351.23 MLN.
— Breaking Market News (@financialjuice) September 20, 2023
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WTI Holds Bounce Above $90 After Across-The-Board Inventory Draws
Oil prices extended losses overnight from yesterday afternoon, but bounced back into the green this morning after WTI found support at $89 after Goldman upgraded its forecast. “The impressive run-up in crude oil prices had to come to a temporary halt and today’s Fed decision on interest rates provides the perfect excuse to bank some money,” PVM Oil Associates Ltd. analyst Tamas Varga wrote in a note. After last week's big product builds, all eyes will be on any signs of demand-destruction. But, more ominously, the decline in Cushing stocks is top of mind for many. API • Crude -5.25mm (-1.00mm exp) • Cushing ... (full story)