EIA: US oil inventories up by 1.6M barrels

Wednesday, 14. August 2019 16:30

Crude oil inventories in the United States increased by 1.6 million barrels to 440.5 million barrels in the week ending August 9, the US Energy Information Administration (EIA) reported on Wednesday. The figure, which is 3% above the five-year average, comes as a surprise as analysts had expected a drop in oil stockpiles.

Crude oil refinery inputs were at an average of 17.3 million barrels per day, down by 475,000 barrels per day from the previous week. Refineries operated at 94.8% of their capacity, while gasoline production declined from the week before, averaging 10.2 million barrels per day.

Imports of crude oil in the US averaged 7.7 million barrels per day, rising by about 566,000 barrels per day from the previous week. Total commercial petroleum inventories stood at 2.4 million barrels, marking an increase compared to the previous week.

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Breaking the News / NP