US crude oil inventory draws hit four-week lows last week and were less than a third of expected levels, data from the Energy Information Administration showed on Wednesday, as refinery closures from Hurricane Ida tripped up analysts' projections
NEW YORK (Pakistan Point News / Sputnik - 09th September, 2021) US crude oil inventory draws hit four-week lows last week and were less than a third of expected levels, data from the Energy Information Administration showed on Wednesday, as refinery closures from Hurricane Ida tripped up analysts' projections.
Crude inventories fell by 1.5 million barrels in the week to September 3 to 423.9 million barrels, the EIA said in its Weekly Petroleum Status Report.
It was the smallest drawdown in US crude stocks since the week ended August 6, EIA historical data showed.
Analysts polled by US media had expected a drawdown of 4.75 million barrels instead.
On the gasoline front, stocks fell by 7.2 million barrels in the week to 220 million barrels, the EIA said, compared with analysts' expectations for a 3.3 million-barrel drop. This was another storm-related anomaly as refiners' inability to operate at optimum levels since the August 29 hurricane led to less replenishment of motor fuel stockpiles.
Refineries operated at below 82 percent of their capacity last week, the EIA said. Operating levels are typically around 95 percent at this time of year.
Analysts were more accurate with their reading on inventories of distillates, which include diesel and heating oil. These fell by 3.1 million barrels to 133.6 million barrels, not far from the anticipated drawdown of 3.5 million barrels, the EIA data showed.
Ida shut down more than 90 percent of gas production facilities on the US Gulf of Mexico prior to making its landfall. In the aftermath of the storm, some production remained shut and could take time to resume due to flooding and other damage caused by the storm, analysts said.
