By Srinivas Chowdary Sunkara // petrobazaar // 8th August, 2019.
US statistical and analytical agency, The Energy Information Administration (EIA) published a petroleum supply data for the week ended 2nd August, 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 latest report published yesterday, The commercial crude, gasoline and distillates inventories were build up by 2.4Mb, 4.4 Mb and 1.5Mbpd respectively. The US production numbers reportedly increased by 100Kbpd to 12.3Mbpd, Imports were increased while exports were dipped during the week. Crude oil inputs into refineries were averaged at 17777 kbpd with an increase of 786 Kbpd from earlier week. Refinery operating capacity remained flat while utilisation percentage went up. The stocks at key storage hub, Cushing are drawn. At the outset, This report is viewed as a bearish report, weighed on oil index this week.
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