By Srinivas Chowdary Sunkara // petrobazaar // 20th March, 2019.
U.S statistical and analytical agency, The Energy Information Administration (EIA) published a petroleum supply data for the week ended 15th March, 2019. The EIA inventory report measures the weekly change in the number of barrels of crude, gasoline and distillates stocks held by US firms. This report is considered as an important indicator for oil price movements.
As per the report, Commercial crude oil stocks have fallen by 9.6Mb last week, Compared to analysts' expectations for an increase of 309Kb. The draw was largest since July, 2018 and brought stocks to their lowest since January due to low import levels by 660 Kbpd and high export volumes by 846 Kbpd. The refined products like Gasoline and distillates stocks were also drawn by 4.6Mb and 4.1Mb respectively which were more than expected due to strong refining demand. The domestic production was up at 12.1Mbpd, A sign of digging more oil. Crude oil inputs into refinery were pushed up by 178Kbpd while refinery operable capacity was stood unchanged. The refinery percent utilization capacity was improved by 1.3Mbpd. The stocks at major storage hubs were slumped to their lower levels. To sum up, This report was a bullish report.
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