NewsWorld

Energy Information Administration: US oil inventories recorded the largest weekly decline since June 2019

UNITED STATES (OBSERVATORY NEWS) — The US Energy Information Administration said on Friday that crude oil stocks in the United States fell sharply last week, while gasoline and distillate stocks rose.

Crude stocks fell 11.5 million barrels in the week ending December 27 to 429.9 million barrels, while analysts’ expectations in a Reuters poll indicated a decrease of 3.3 million barrels.

This is the largest weekly drop in US crude inventories since June 2019.

The Energy Information Administration said that crude stocks in the delivery center in Cushing, Oklahoma, decreased by 1.4 million barrels last week.

The consumption of crude refineries increased by 303 thousand barrels last week, with operating rates increasing by 1.2 percentage points.

US gasoline stocks increased 3.2 million barrels last week to 242.5 million barrels, while analysts’ expectations indicated an increase of 1.8 million barrels.

Energy Information Administration data showed that distillate stocks, which include diesel and heating oil, increased by 8.8 million barrels to 133.7 million barrels, compared to expectations for an increase of 1.1 million barrels.

Last week, net US imports of crude oil fell by 1.52 million barrels.

Online:

This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.

Our Standards, Terms of Use: Standard Terms And Conditions.

OBSERVATORY GLOBAL NEWS— Breaking news source, real-time coverage of the world’s events, life, politics, money, business, finance, economy, markets, war and conflict zones.

Contact us: [email protected]

Stay connected with Observatory and Observatory Newsroom, also with our online services and never lost the breaking news stories happening around the world.

Support The OBSERVATORY from as little as $1 – it only takes a minute. Thank you.

We are OBSERVATORY — the only funding and support we get from people – we are categorically not funded by any political party, any government somewhere or from any grouping that supports certain interests – the only support that makes OBSERVATORY possible came from you.