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

Phillips 66 to Sell 25% Stake in Rockies Pipeline for $1.28 bln
06.18.2024 - NEWS
June 18, 2024 [Reuters]- U.S. oil refiner Phillips 66 said on Friday it would sell its 25% stake... Read More
US Oil Refining Capacity Rises for Second Year in a Row
06.18.2024 - NEWS
June 18, 2024 [Reuters]- U.S. crude oil refining capacity rose 1.5% to 18.38 million barrels per ... Read More
Chevron Lummus Global's ISOTERRA Technology Selected for Sustainable Aviation Fuel Project in China
06.18.2024 - NEWS
June 18, 2024 [Lummus Technology]- Chevron Lummus Global LLC (CLG) today announced its ISOTERRA t... Read More
Russia's June Idle Oil Refining Capacity Raised by 114%
06.18.2024 - NEWS
June 18, 2024 [Hydrocarbon Processing]- Russia’s primary offline oil refining capacity has ... Read More