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U.S. oil inventories fell by 5.2 million barrels last week: EIA

Published Dec 07, 2022 09:59AM ET Updated Dec 07, 2022 11:10AM ET
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Investing.com -- U.S. crude oil inventories fell by more than expected last week, the Energy Information Administration (EIA) said.

Crude inventories dropped by 5.187 million barrels, against expectations for a draw of 3.305 million barrels.

But distillate stockpiles rose by 6.159 million barrels last week, compared with expectations for a build of 2.208 million barrels. 

Gasoline inventories also rose by 5.320 million barrels, against expectations for a build of 2.707 million barrels.

“The combined build in products simply outweigh the draw on the crude,” said Investing.com analyst Barani Krishnan. “On top of that, production has been estimated 100k higher on the week. Demand for gasoline and diesel is, meanwhile, just so so. It’s a net bearish report, if you ask me.”

 

U.S. oil inventories fell by 5.2 million barrels last week: EIA
 

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Comments (1)
nc ing
nc ing Dec 07, 2022 11:16AM ET
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Why don't you include those of the SPR in the withdrawals?
Barani Krishnan
Barani Krishnan Dec 07, 2022 11:16AM ET
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SPR draw was just 2.1 mln barrels. I'm not sure in what way it helps the context here.
Andrew Ulferts
Andrew Ulferts Dec 07, 2022 11:16AM ET
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Barani Krishnan it always does.
Andrew Ulferts
Andrew Ulferts Dec 07, 2022 11:16AM ET
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Barani Krishnan it always does. 21 million bbl of oil have disappeared from our stockpiles the last two weeks in the US, between commercial and SPR. No headlines like that huh? It won’t last forever. No all we see here every week is “demand destruction fears.” Stockpiles depleting faster than any time in history, but thw headlines read “demand destruction.”
Barani Krishnan
Barani Krishnan Dec 07, 2022 11:16AM ET
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Andrew Ulferts  The drawdowns in SPR are about a quarter or less than what they used to be. That's what the EIA is reporting and that's what's official. Look at products supplied last week vs previous and year ago. Tell me if there's runaway demand.
 
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