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The US crude oil stocks were down by 10.6 million barrels last week, according to the government report that showed a third consistent week of such inventory declines as refiners maxed out fuel processing to ready for this 2023’s last hurrah in summer travel.
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US crude oil stocks were down by 10.6M -EIA [Photo: MZNews]
US Crude Oil Stocks Report
SOURCE– The US crude oil stocks decreased by 10.6 million barrels a week ago, according to the government report that showed a third consistent week of such inventory declines as refiners maxed out fuel processing to ready for this 2023’s last hurrah in summer travel. The upcoming Labor Day on September 4 unofficially brings to a close United States road trips for this 2023 summer. The Energy Information Administration (EIA), said in its per week Petroleum Status Report that refiners maintained an extremely high 93.3% run rate on their capacity for the week ended August 25.
The US crude oil exports also remained solidly within the 4-5.0 million barrels everyday mark as American energy companies found more demand overseas among the supply vacuum and underserved buyers caused by Russian and Saudi production cuts.
The US crude oil exports were at 4,528 million barrels last week. The net result of crude exports pulled some 10.584 million barrels from inventories during the week ended August 25, EIA said. According to the report, 6.135 million drawdowns for the week to August 18 and a 5.960 million pull for the week ended August 11.
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