U.S. OIL INVENTORIES DOWN 3.3 MBD
OGJ - US commercial crude oil inventories declined 3.3 million bbl during the week ended Aug. 18 compared with the previous week's total, continuing a months-long downward trend, the US Energy Information Administration reported.
At 463.2 million bbl, US crude inventories remain in the upper half of the average range for this time of year, according to data in the Weekly Petroleum Status Report. Stockpiles fell nearly 9 million bbl during the previous week.
In separate data from the American Petroleum Institute, crude stockpiles are estimated to have dropped 3.6 million bbl during the week ended Aug. 18. But the industry group also reported gasoline inventories gained 1.4 million bbl and distillate rose 2.1 million bbl.
EIA said total motor gasoline inventories declined 1.2 million bbl last week and are near the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased.
Distillate fuel inventories remained unchanged and are in the upper half of the average range for this time of year. Propane-propylene inventories rose 2.9 million bbl but are in the lower half of the average range. Total commercial petroleum inventories remained unchanged.
US crude refinery inputs averaged 17.5 million b/d, down 104,000 b/d from the previous week's average. Refineries operated at 95.4% of their operable capacity.
Gasoline production increased to 10.6 million b/d, while distillate fuel production decreased to 5.1 million b/d.
US crude imports averaged 8.8 million b/d, up 664,000 b/d from the previous week's average. Over the last 4 weeks, crude imports averaged 8.2 million b/d, down 3.1% from the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 555,000 b/d. Distillate fuel imports averaged 132,000 b/d last week.
In preliminary estimates for the week ended Aug. 18, EIA said US crude production gained 26,000 b/d to 9.53 million b/d, up 980,000 b/d year-over-year. Alaska contributed 14,000 b/d to the gain, while the Lower 48 added 12,000 b/d.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.