US oil inventories are falling sharply, and oil is consolidating its gains


Crude oil inventories in the United States fell during the past week, which reinforced the gains in oil made since early trading, Wednesday.

The US Energy Information Administration said, on Wednesday, that US commercial crude oil stocks fell by 7.4 million barrels during the past week ending on June 11, to 466.7 million barrels.

US crude oil stocks are about 5% below the five-year average for this time of year, while total auto fuel stocks rose by 2.0 million barrels last week.

Final gasoline stocks fell while blending ingredient stocks increased last week, and distillate fuel stocks fell by 1.0 million barrels last week and are about 6% below the five-year average for this time of year.

The average US crude oil refinery inputs were 16.3 million barrels per day during the week ending June 11, 2021, an increase of 412,000 barrels per day over the previous week’s average. The refineries worked at 92.6% of their operating capacity last week.

US crude oil imports averaged 6.7 million barrels per day last week, up 108,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day.

Auto fuel imports (including blending components and finished gasoline) averaged 1.1 million barrels per day last week, and distillate fuel imports averaged 371,000 barrels per day.

The average total of products supplied during the past four-week period amounted to 19.3 million barrels per day, an increase of 17.4 percent over the same period last year.

Crude oil prices consolidated their gains after the announcement of the Energy Information Administration statement in the United States, with Brent crude, the benchmark for August delivery, rising 0.85%, or 63 cents, to $74.68 a barrel.

As for US West Texas Intermediate crude, due next July, it rose by 0.60%, or 44 cents, to $72.52 a barrel.


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