Mon. Nov 28th, 2022

Oct 5 (Reuters) – U.S. crude oil, gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.
Crude inventories (USOILC=ECI) fell by 1.4 million barrels in the week ended Sept. 30 to 429.2 million barrels. Analysts in a Reuters poll had expected a 2.1 million-barrel rise.
Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) rose by 273,000 barrels in the week, the EIA said.
Fuel drawdowns were driven by a spike in fuel product supplied, with a notable increase in finished motor gasoline product.
Refining product supplied is the market's best proxy for demand; product supplied increased 0.3%, or 61,000 barrels per day, in the week in the week to Sept. 30.
"All those concerns about demand destruction seem to be going away all of a sudden and we're going to see that in the products," said Phil Flynn, analyst at Price Futures Group in Chicago.
Refinery crude runs (USOICR=ECI) rose by 210,000 barrels per day and refinery utilization rates (USOIRU=ECI) rose by 0.7 percentage point last week.
U.S. gasoline stocks (USOILG=ECI) fell 4.7 million barrels in the week to 207.5 million barrels, its lowest level since November 2014, the EIA said, compared with analysts' forecasts for a 1.3 million-barrel drop.​
Distillate stockpiles (USOILD=ECI), which include diesel and heating oil, fell 3.4 million barrels in the week to 110.9 million barrels, versus expectations for a 1.4 million-barrel drop, the EIA data showed.
Net U.S. crude imports (USOICI=ECI) fell last week by 407,000 bpd, the EIA said.
Our Standards: The Thomson Reuters Trust Principles.
Thomson Reuters
Reports on oil and energy, including refineries, markets and renewable fuels. Previously worked at Euromoney Institutional Investor and CNN.
Oil prices steadied on Friday, but fell for the week on a stronger U.S. dollar and fears that an economic slowdown would weaken crude demand.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved

ALSO READ  Aces win WNBA title to land Las Vegas’ first major pro sports title - The Guardian


By admin