U.S. Crude Oil Stocks Fell More Than Expected Last Week
December 28 2023 - 11:51AM
Dow Jones News
By Anthony Harrup
U.S. crude oil stocks fell more than expected last week and
gasoline inventories declined, while refineries increased their
capacity use, according to data released Thursday by the U.S.
Energy Information Administration.
Commercial crude-oil stocks--excluding the Strategic Petroleum
Reserve--fell to 436.6 million barrels in the week ended Dec. 22
from 443.7 million barrels the previous week, and were about 1%
below the five-year average for the time of year, the EIA said.
Analysts surveyed by The Wall Street Journal had predicted crude
stockpiles would decrease by 2.4 million barrels.
Storage in the SPR rose by 793,000 barrels, to 353.3 million
barrels, the EIA said.
Oil stored at Cushing, Okla., the Nymex delivery hub, rose by
1.5 million barrels to 34 million barrels as refineries increased
their capacity use to 93.3% from 92.4% the week before, the EIA
said. Expectations were for refinery runs to be unchanged from the
previous week.
Crude futures were lower Thursday as concerns about shipping
disruptions in the Red Sea eased. The Nymex crude contract for
February was down 1.3% at $73.12 a barrel and international
benchmark Brent was down 1.3% at $78.59 a barrel.
Gasoline stockpiles fell to 226.1 million barrels from 226.7
million a week earlier, the EIA said. Gasoline inventories are
about 2% below their five-year average, the EIA said. Gasoline
inventories were seen increasing by 100,000 barrels in the Journal
survey.
Distillate stocks, mostly diesel fuel, rose to 115.8 million
barrels from just over 115 million, in line with the expected stock
build of 700,000 barrels.
Change in U.S. oil inventories for the week ended Dec. 15:
Crude Gasoline Distillates Refinery Use
EIA data: -7.1 -0.7 0.7 +0.9
Forecast: -2.4 0.1 0.7 unch
Note: Numbers in millions of barrels, with the exception of
refinery use, which is in percentage points.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
December 28, 2023 12:36 ET (17:36 GMT)
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