The US Energy Information Administration (EIA) on Wednesday reported an increase in US crude inventories last week amid turnaround works which weigh on US refinery utilization. In the week ended January 31, US crude stockpiles rose 3.36 million barrels to 435.01 million barrels, EIA data showed.
Despite recording two straight weekly increases, oil stocks were 2.3% lower than the five-year average, tightening further from a 1.7% deficit the previous week. The inventory builds mostly occurred in the US Gulf Coast, where the stocks increased 4.92 million barrels to 226.52 million barrels.
US refinery utilization reached 87.4% of capacity in the week, processing about 15.97 million bpd, up by 50,000 bpd from last week. The runs rates were 2.3% behind the five-year average, as refiners faced a heavier-than-normal slate of turnaround in January.
Total US gasoline inventories fell 91,000 barrels to 261.14 million barrels during the week, EIA data showed. Meanwhile, nationwide distillate fuel stocks decreased 1.51 million barrels to 143.26 million barrels, about 4% lower than the five-year average.
Tags: AlwaysFree,Americas,Crude Oil,EN ALWAYSFREE,Energy & Feedstocks,English,United States Energy Information Administration (EIA),Refinery Utilization,US Crude InventoriesFebruary 6, 2020 5:41 PM (GMT+8)