US Crude Inventories Notch Surprise Drawdown on Refinery Runs, EIA Says
06.09.2023 By Tank Terminals - NEWS

June 9, 2023 [Reuters]- U.S. crude oil stockpiles fell unexpectedly last week as refiners cranked out fuel to the highest level since 2019 during the Memorial Day holiday, the Energy Information Administration (EIA) said on Wednesday.


Refinery crude runs (USOICR=ECI) rose by 482,000 barrels per day (bpd), while refinery utilization rates (USOIRU=ECI) increased by 2.7 percentage points in the week to its highest level since August 2019.

“Refiners have to have some sense that demand is pretty good moving forward from here, so that’s going to draw down on crude oil storage,” said Bob Yawger, director of energy futures at Mizuho.

Crude inventories (USOILC=ECI) fell by 451,000 barrels in the week to June 2, the EIA said. Analysts in a Reuters poll had expected a 1 million-barrel rise.

Oil prices were little changed following the data. Brent crude futures were up 92 cents, or 1.2%, at $77.25 a barrel at 1442 GMT, while U.S. West Texas Intermediate crude futures gained $1.15, or 1.6%, to $72.93.

Gasoline and diesel stocks rose during the period, the EIA said, but remained below last year’s inventory levels.

Gasoline stocks (USOILG=ECI) rose by 2.7 million barrels in the week, the EIA said, compared with analysts’ expectations for a 880,000-barrel rise.​

Distillate stockpiles (USOILD=ECI), which include diesel and heating oil, rose by nearly 5.1 million barrels in the week, versus expectations for a 1.3 million barrel rise, the EIA said.

“Refiners need to build up those stocks…if we lose a refinery, if there’s a disruption, it’s kind of a Red Sox bullpen: there’s no one really there,” said Phil Flynn, an analyst at Price Futures group.

Net U.S. crude imports (USOICI=ECI) rose by 1.6 million bpd, the data showed.

Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) rose by 1.7 million barrels last week, the EIA said.

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Russia’s Novatek Reaches Vysotsk LNG Production Milestone
09.29.2023 - NEWS
September 29, 2023 [LNG Prime]- Russian LNG exporter Novatek has reached a new production milesto... Read More
US Weekly LNG Exports Down to 21 Shipments
09.29.2023 - NEWS
September 29, 2023 [LNG Prime]- US liquefied natural gas (LNG) exports declined in the week endin... Read More
Seapath and Pilot LNG Joint Venture to Develop First Dedicated LNG Bunkering Facility in U.S. Gulf Coast
09.29.2023 - NEWS
September 29, 2023 [Pilot]- JV will develop, construct, and operate a terminal in the Galveston B... Read More
Oil Prices Rise As Crude Oil Inventories Build, Products Fall
09.29.2023 - NEWS
September 29, 2023 [Oil Price]- The American Petroleum Institute (API) has reported a build of 1.... Read More