By Srinivas Chowdary Sunkara // petrobazaar // 14th August, 2019.
US statistical and analytical agency, The Energy Information Administration (EIA) published a petroleum supply data for the week ended 9th 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 US commercial crude oil inventories (excluding those in the strategic petroleum reserve) built up by 1.6 million barrels from the previous week. The total motor gasoline and distillates inventories were drawn by 1.4Mb, 1.9Mbpd respectively. The US production numbers were reportedly unchanged at 12.3 Mbpd. Imports were dipped while exports rose during the week. This report said that refineries processed 17.3 Mbpd, churning out 10.2 Mbpd of gasoline and 5.1 Mbpd of distillate fuels. Refinery operating capacity remained flat while utilisation percentage slipped. The stocks at key storage hub, Cushing are drawn by 2.5Mb. At the outset, This report is viewed as a bearish report, weighed on oil index this week.
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