In the week ended November 1, US crude inventories soared as the country’s refiners significantly curbed output, according to the Energy Information Administration (EIA).
Crude stockpiles soared by 7.9 million barrels last week, far from analysts’ expectations for only 1.5 million barrels of increase. Crude stocks at the delivery hub in Cushing, Oklahoma, climbed by 1.7 million barrels.
The increase was affected by the significant output curb commenced by refiners. Refinery crude runs dropped by 237,000 bpd while refinery utilization rates fell by 1.7%.
Both gasoline and distillate stockpiles fell last week, gasoline by 2.8 million barrels while distillate by 622,000 barrels.
Meanwhile, net US crude imports rose by 336,000 bpd.
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Published on November 7, 2019 9:01 PM (GMT+8)Last Updated on January 17, 2020 2:13 AM (GMT+8)
