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Crude Inventory Climbs 5.5 Million Barrels
U.S. crude oil refinery inputs averaged 14.8 million barrels per day during the week ending February 2, 2024, which was 9 thousand barrels per day less than the previous week’s average. Refineries operated at 82.4% of their operable capacity last week. Gasoline production decreased last week, averaging 9.0 million barrels per day. Distillate fuel production decreased last week, averaging 4.4 million barrels per day. U.S. crude oil imports averaged 6.9 million barrels per day last week, increased by 1.3 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 ... (full story)
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WTI Extends Gains After Surprisingly Large Product Draws
Oil prices extended yesterday's gains (helped by EIA's short-term outlook) after a mixed bag from API with a much smaller than expected crude build. API • Crude +674k (+1.3mm exp) • Cushing +492k • Gasoline +3.65mm (+300k exp) • Distillates -3.7mm (-2.0mm exp). DOE • Crude +5.52mm (+1.3mm exp) • Cushing -33k • Gasoline -3.15mm (+300k exp) • Distillates -3.22mm (-2.0mm exp) A much bigger than expected build in crude inventories shocked the market but Cushing saw stocks decline for the 5th week in a row (though barely) while both Gasoline and Distillates saw big draws. The Biden administration added ... (full story)