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Home›Drawdown›U.S. commercial crude inventories rise, SPR posts record drop as refiners ramp up – EIA

U.S. commercial crude inventories rise, SPR posts record drop as refiners ramp up – EIA

By Wilbur Moore
June 8, 2022
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Storage tanks are seen at Marathon Petroleum’s Los Angeles refinery, which processes domestic and imported crude oil, in Carson, California, United States, March 11, 2022. Picture taken March 11, 2022. Picture taken with a drone. REUTERS/Bing Guan/File Photo

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NEW YORK, June 8 (Reuters) – U.S. commercial crude oil inventories rose unexpectedly last week, as Strategic Petroleum Reserve crude oil fell by a record amount as refiners increased their production at pre-pandemic levels, the Energy Information Administration said Wednesday.

Crude inventories (USOILC=ECI) rose 2 million barrels in the week of June 3 to 416.8 million barrels, as analysts expected a drop of 1.9 million barrels in a Reuters poll.

SPR crude inventories fell by a record 7.3 million barrels to 519.3 million, their lowest level since March 1987.

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Crude oil refineries (USOICR=ECI) rose 354,000 barrels per day to 16.4 million bpd, their highest since January 2020, and utilization rates (USOIRU=ECI) jumped 1, 6 percentage points to reach 94.2% of capacity, their highest since December 2019, the EIA says. On the East Coast, usage rose to 99.2%, its highest level since November 2017.

“Building commercial crude is partly due to changes in inventories due to drawdowns from the Strategic Petroleum Reserve, but those inventories continue to decline aggressively and that is what is expected for the next few months,” Tony said. Headrick, energy market analyst at CHS Hedging. .

“That’s a bullish consideration.”

Brent and US West Texas Intermediate (WTI) crude futures rose immediately after the data release, along with gasoline and distillate futures.

Crude inventories at Cushing, Oklahoma, delivery hub for WTI (USOICC=ECI) fell 1.6 million barrels last week, the EIA said.

U.S. gasoline inventories (USOILG=ECI) fell 800,000 barrels over the week to 218.2 million barrels, the EIA said, as analysts expected a 1.1 rise. million barrels.

Distillate (USOILD=ECI) inventories, which include diesel and fuel oil, rose 2.6 million barrels during the week to 109 million barrels, more than double the forecast for an increase of 1.1 million barrels, according to EIA data.

Net imports of U.S. crude (USOICI=ECI) increased by 1.69 million bpd, the EIA said.

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Reporting by Stephanie Kelly Editing by Marguerita Choy

Our standards: The Thomson Reuters Trust Principles.

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