EIA Posted Notable Dip in U.S. Crude Oil Stockpiles

SEATTLE (Oil Monster): The U.S. crude oil stockpiles declined during the previous week, said the latest report published by the U.S. Energy Information Administration (EIA). The production recorded weekly decline for the first time since July this year.

During the week ended 1^st December, 2023, the crude inventories dipped by 4.6 million barrels to total 445 million barrels. A Reuters poll of industry analysts had predicted a drop of 1.4 million barrels for the week. The crude runs at U.S. oil refineries registered an increase by 179,000 bpd last week. The utilization rates too were up marginally by 0.7% to 90.5%, EIA report said.

The U.S. gasoline futures dropped to hit their lowest level in two years, followed by EIA report suggesting larger-than-anticipated build in stockpiles. The gasoline stocks witnessed significant surge by 5.4 million barrels, exceeding expectations, during the week to 223.6 million barrels. The distillate stockpiles reported increase by 1.3 million barrels to total 112 million barrels.

The net U.S. crude imports rose by 2.1 million barrels per day (bpd). Meantime, the crude production totalled 13.1 million bpd during the week, falling by 100,000 bpd over the previous week.

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