EIA: US oil inventories drop by 12.6 million barrels

Economy 7/11/2018, 4:31 PM
EIA: US oil inventories drop by 12.6 million barrels

United States crude oil inventories declined by 12.6 million barrels to 405.2 million barrels for the week ending July 6, the US Energy Information Administration (EIA) reported on Wednesday. The reading marked the biggest fall since September 2016. In the week before that, the crude oil inventories rose by 1.2 million barrels.

Crude oil inputs averaged 17.7 million barrels per day for the period, 1,000 barrels per day less than the previous week's average. Refineries operated at 96.7% of their capacity. Gasoline production averaged around 10.7 million barrels per day, increasing from the week before that.

Crude oil imports averaged 7.4 million barrels per day for the period, declining 1,624,000 barrels per day compared to the week before that. Meanwhile, total commercial petroleum inventories dropped 7.2 million barrels last week.

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