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Crude Inventory Fell 1.6 Million Barrels Last Week, Says EIA
U.S. crude oil refinery inputs averaged 16.5 million barrels per day during the week ending September 13, 2024, which was 283 thousand barrels per day less than the previous week’s average. Refineries operated at 92.1% 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 5.1 million barrels per day. U.S. crude oil imports averaged 6.3 million barrels per day last week, decreased by 545 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about ... (full story)
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WTI Holds Gains As 'Tank Bottoms' Loom After Big Draw At Cushing Hub
Oil prices continued their recent rally off three-year lows this morning (rebounding from weakness overnight following the unexpected crude build reported by API) ahead of today's FOMC decision and pushed higher by re-awoken geopolitical risk premium after Israel's pager-op on Hezbollah prompted the start of retaliations. The weak preliminary inventory data from API and recent trends in product spreads are adding to concerns about demand in the US, said Robert Yawger, director of the energy futures division at Mizuho Securities USA. “If you don’t need the product, you don’t need the crude oil to make the ... (full story)