The U.S. Energy Information Administration showed that crude inventories fell by 400,000 barrels during the week through July 15, compared to the projected 748,000 barrels compiled by a Bloomberg survey.
On Tuesday, the American Petroleum Institute reported that crude inventories grew 1.86 million barrels during the week to July 15th.
Last week, the EIA report showed an accumulation of crude inventories of 3.3 million barrels, a rare occurrence in the midst of the peak driving season in the United States, but helped by the amount of crude oil. released from the country’s Strategic Oil Reserve.
For gasoline, the EIA reported an increase in inventory of 3.5 million barrels, adding to the previous construction of 5.8 million barrels the previous week.
Gasoline production during the week to July 15 averaged 9.4 million bpd, a substantial increase from the previous week’s 8.9 million bpd.
The average distillate inventory experienced a decrease of 1.3 million barrels last week, with an average production of 5 million barrels per day. The previous week saw an increase of 2.7 million barrels in distillate stocks, with an average production of 5.1 million bpd.
While oil prices traded lower the day before the launch, oil prices were still trading above $ 100. At 9:25 a.m. ET, WTI was trading lower $ 1.46 per barrel at $ 102.80 (-1.40%), and Brent was down $ 1.73 at $ 105.60 ( -1.61%) per barrel, as fears of recession again exceeded the adjusted supply situation.
Operating rates at U.S. refineries continue to push capacity limits, averaging last week’s 93.7% bpd. That compared to 94.9 percent a week earlier.
Crude oil imports averaged 6.5 million bpd last week, compared to 6.7 million bpd last week.
At the time of writing, Brent crude was trading at $ 105.80 per barrel, and West Texas Intermediate was trading at $ 102.50 per barrel.
By Julianne Geiger for Oilprice.com
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