(Source: Shutterstock.com)
U.S. crude oil stockpiles fell by nearly 10 million barrels last week to their lowest since March 2020, the Energy Information Administration (EIA) said on Jan. 27.
The unexpected 9.9 million-barrel fall, the biggest draw since July, reduced crude inventories to 476.7 million barrels, according to EIA figures. Analysts’ expectations in a Reuters poll were for a 430,000-barrel rise.
The decline was the result of a sharp falloff in imports and a 2.3 million-barrel drawdown in stocks at the Cushing delivery hub for crude futures in Oklahoma.
Net U.S. crude imports fell by 2.1 million bbl/d, the EIA said.
Prices rose on the news, with WTI up 35 cents, or 0.7%, to $52.95/bbl, while Brent gained 0.5% to $56.20/bbl by 10:44 a.m. EST (1544 GMT).
“Today’s inventory numbers are a big draw in crude and that should support us. Gasoline demand dipped a little bit so that was disappointing,” said Phil Flynn, senior analyst at Price Futures Group.
Refinery crude runs fell by 39,000 bbl/d, while refinery utilization rates fell by 0.8 percentage points last week, the EIA said.
U.S. gasoline stocks rose by 2.5 million barrels to 247.7 million barrels, the EIA said, compared with expectations for a 1.8 million-barrel rise.
Distillate stockpiles, which include diesel and heating oil, fell by 815,000 barrels in the week, versus expectations for a 361,000-barrel drop.
Recommended Reading
Blackstone Buys NatGas Plant in ‘Data Center Valley’ for $1B
2025-01-24 - Ares Management’s Potomac Energy Center, sited in Virginia near more than 130 data centers, is expected to see “significant further growth,” Blackstone Energy Transition Partners said.
Chevron Delivers First Oil from Kazakhstan Project
2025-01-24 - Chevron Corp.’s newest plant at Kazakhstan’s Tengiz Field is expected to ramp up output to 1 MMboe/d.
US Oil, Gas Rig Count Falls to Lowest Since Dec 2021
2025-01-24 - The oil and gas rig count fell by four to 576 in the week to Jan. 24. Baker Hughes said this week's decline puts the total rig count down 45, or 7% below this time last year.
Tamboran, Falcon JV Plan Beetaloo Development Area of Up to 4.5MM Acres
2025-01-24 - A joint venture in the Beetalo Basin between Tamboran Resources Corp. and Falcon Oil & Gas could expand a strategic development spanning 4.52 million acres, Falcon said.
New Fortress Signs 20-Year Supply Deal for Puerto Rican Power Plant
2025-01-23 - The power plant, expected to come online in 2028, will be the first built in Puerto Rico since 1995, New Fortress said.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.