US Crude Oil Stockpiles Drop 2nd Week in Row as Refiners Boost Fuel Inventories - EIA

WASHINGTON (Pakistan Point News / Sputnik - 24th November, 2022) US crude stockpiles fell for a second week in a row as refiners stepped up fuel production, leading to large builds instead in gasoline and distillate inventories, data from the Energy Information Administration (EIA) showed Wednesday.

Crude inventories fell by 3.7 million barrels in the week to November 18, adding to the previous week's decline of 5.4 million, the EIA said in its Weekly Petroleum Status Report.

Refinery runs rose by almost 1% last week to 94% of capacity last week, hitting record highs in the key US East Coast region and boosting inventories of both finished gasoline and blending component products.

Gasoline stockpiles rose by 3.1 million barrels versus a build of 2.2 million the previous week and against expectations for a 383,000-barrel rise. The drop accentuated the 10-year lows in gasoline stockpiles in the East Coast, traders said, reflecting the tight supply situation for America's premier automobile fuel in one of the nation's busiest markets.

Distillate stockpiles, which include diesel and heating oil, rose by 1.7 million barrels, versus expectations for a 550,000-barrel drop. In the previous week, distillate inventories rose by 1.12 million barrels. Distillate refined into diesel for trucks, buses, trains and ships as well as fuel for jets.