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Crude Stockpile Fell 7.99 Million Barrels Last Week: EIA

CommoditiesMay 05, 2021 11:07AM ET
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© Reuters.

By Liz Moyer

Investing.com -- U.S. oil stockpiles fell more than expected in the latest week, the Energy Information Administration said on Wednesday.

Crude oil inventories fell 7.99 million barrels last week, compared with analysts' expectations for a draw of 2.346 million barrels.

Distillate stockpiles, which include diesel and heating oil, fell 2.896 million barrels in the week against expectations for a draw of 1.12 million barrels, the EIA data showed.

Refinery crude runs were 225,000 barrels. The weekly refinery utilization rate rose 1.1%, according to the EIA report.

Gasoline inventories rose 737,000 barrels last week the EIA said, compared with expectations for a draw of 652,000 barrels.

"It’s a record blow out of exports at north of 4.1 million barrels per day versus the previous week’s 2.5 million. Also, imports cratered by 1.2 million barrels per day to reach only 5.5 million bpd last week. Between those two matrices, you have your 8 million barrel drawdown," said Investing.com analyst Barani Krishnan. "Distillates were another bullish story with a draw of nearly 3 million barrels."

The only bearish element was the gasoline build, which at above 700,000 was totally opposite to the drawdown expected, Krishnan said.

"Production of U.S. crude, meanwhile, remains anemic at 10.9 million barrels per day as the Permian basin appears woefully unable to catch up at least for now with the demand seen for U.S. crude exports," Krishnan said. "This ties in with the mid-April story that nearly half of all oil pipelines from the Permian are expected to be empty by the end of the year."

Crude Stockpile Fell 7.99 Million Barrels Last Week: EIA
 

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Comments (9)
Alan Rice
Alan Rice May 05, 2021 1:43PM ET
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Riddle: What can be vaporized in a moment that took 2 billion years to create ? Answer : Life.
Harsh Luna
Harsh Luna May 05, 2021 1:33PM ET
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Then why crude fell after this news? So different reaction…..
somasundaram kodilingam
somasundaram kodilingam May 05, 2021 1:33PM ET
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This is trapping. Market would move against your calculation leading to loss.
somasundaram kodilingam
somasundaram kodilingam May 05, 2021 1:33PM ET
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This is trapping. Market would move against your calculation leading to loss.
Hardik Mandalia
Hardik Mandalia May 05, 2021 11:56AM ET
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so diesel prices will go high now?
In Sight
Insight May 05, 2021 10:57AM ET
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attaboy!
Ann Nduta
Ann Nduta May 05, 2021 10:55AM ET
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👍👍 great 👌
OTHMAN AQQUA
OTHMAN AQQUA May 05, 2021 10:53AM ET
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good but after crude down ,logic!!!
Kumar Bholan
Kumar Bholan May 05, 2021 10:53AM ET
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👍👍
rhea arcellana
rhea arcellana May 05, 2021 10:46AM ET
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good
Abba NDiaye
Abba NDiaye May 05, 2021 10:41AM ET
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Perfect investic
Mohammad Islam
Mohammad Islam May 05, 2021 10:41AM ET
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Heloo
 
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