By Srinivas Chowdary Sunkara // petrobazaar // 26th January, 2019.
U.S statistical and analytical agency, The Energy Information Administration (EIA) published a petroleum supply data for the week ended 18th January, 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, The commercial crude and gasoline inventories were built up by 8Mb and 4.1Mb respectively while distillates stocks were decreased by 0.6Mb as against the predictions. The U.S production numbers remained unchanged at 11.9 Mbpd, Imports were increased where as exports were decreased during the week. Crude oil inputs in to refineries were averaged at 17049 Kbpd with a reduction of 174Kbpd from previous week. Refinery operating capacity was remained at previous week's level with a slid in refinery utilisation percentage. The stocks at Cushing were marginally lower. This report was viewed as a bearish report by the market and limited the WTI gains during the week.
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