EIA Weekly: US crude inventories jumped 9.4 million barrels but near Cushing inventories dropped

Updated: March 24, 2016  Views: 16

FX168 News US Energy Information Administration (EIA) on Wednesday (March 16) released the latest inventory data showed US crude inventories last week increased drastically, due to refinery production and increased imports, but the sharp reduction in gasoline inventories, while the previously announced US petroleum Institute (API) data showed crude oil inventories jumped 879.6 million barrels.

Specific data show that as of March 18 the week crude oil inventories increased by 935.7 million barrels, a new record is 309 million barrels analysts expected to increase more than three times the former value increased 131.7 million barrels, the current inventory reached 5.325 million barrels, an increase of 1.8%.

More data showed gasoline inventories fell 464.2 million barrels, the biggest weekly decline when the April 5, 2014 since, is expected to reduce the 148.2 million barrels, the former value of 74.7 million barrels decrease. Distillate stocks including diesel and heating oil increased 91.7 million barrels, it is expected to reduce the 105.5 million barrels, the former value reduction 113.5 million barrels, US crude oil imports increased by 69.1 million barrels daily, the highest in 2013.

The main crude oil delivery point, Cushing, Oklahoma area inventories fell 125.8 million barrels, the first decline in seven weeks and record September 11, 2015 to the biggest weekly decline, the former value increased 54.5 million barrels, US crude oil product four-week average daily supply of 1943.2 million barrels / day, an increase of 1.6% over last year.

In addition, refinery capacity utilization fell from 0.6 to 88.4%, while the average daily US crude production chain by 3 million barrels to 903.8 million barrels / day.

(US crude oil inventory changes Chart, Source: FX168 Financial Network)

EIA data showed US crude oil inventories increased last week after a much larger than expected, oil prices extended losses.

(US WTI crude oil futures prices five minutes Chart, Source: FX168 Financial Network)

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