By Srinivas Chowdary Sunkara // petrobazaar // 7th Dec, 2018.
The Energy Information Administration (EIA) reported weekly inventory data a day later than usual because of Wednesday's national day of mourning. This report showed first draw down larger than expected in U.S crude stocks after September month. The supplies had climbed for 10 weeks in a row before the latest decline.
According to this report, The domestic crude supplies fell by 7.3 Mb while gasoline and distillates stocks were piled up by 1.7 Mb and 3.8Mb respectively for the week ended Nov.30. The crude production is still hovering at record high levels at 11.7 Mbpd which could be able to export 3.2 Mbpd, which is more than it imported for the first time on records going back to 1973. As per the report, There was no change in the refinery operating capacity with the little dip in percentage of utilisation. Cushing, The key storage hub, Maintained an edge up in crude oil stocks. U.S is seemingly growing as an undisputed largest crude producer and exporter going ahead.
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