AGL 6.78 Increased By ▲ 0.04 (0.59%)
ANL 9.38 Increased By ▲ 0.06 (0.64%)
AVN 81.40 Increased By ▲ 0.95 (1.18%)
BOP 5.47 Increased By ▲ 0.06 (1.11%)
CNERGY 5.03 Increased By ▲ 0.07 (1.41%)
EFERT 82.99 Increased By ▲ 3.08 (3.85%)
EPCL 58.95 Increased By ▲ 2.62 (4.65%)
FCCL 15.80 Decreased By ▼ -0.07 (-0.44%)
FFL 6.50 Increased By ▲ 0.15 (2.36%)
FLYNG 8.47 Increased By ▲ 0.17 (2.05%)
GGGL 10.23 Increased By ▲ 0.15 (1.49%)
GGL 16.64 Increased By ▲ 0.38 (2.34%)
GTECH 8.60 Increased By ▲ 0.12 (1.42%)
HUMNL 6.45 Increased By ▲ 0.06 (0.94%)
KEL 3.05 Increased By ▲ 0.07 (2.35%)
LOTCHEM 29.88 Increased By ▲ 0.99 (3.43%)
MLCF 28.80 Increased By ▲ 0.15 (0.52%)
OGDC 76.35 Increased By ▲ 1.85 (2.48%)
PAEL 16.35 Increased By ▲ 0.22 (1.36%)
PIBTL 5.78 Increased By ▲ 0.13 (2.3%)
PRL 17.45 Increased By ▲ 0.47 (2.77%)
SILK 1.16 Decreased By ▼ -0.03 (-2.52%)
TELE 11.40 Decreased By ▼ -0.05 (-0.44%)
TPL 8.17 Increased By ▲ 0.17 (2.13%)
TPLP 22.25 Increased By ▲ 0.90 (4.22%)
TREET 23.58 Increased By ▲ 0.48 (2.08%)
TRG 148.00 Increased By ▲ 4.09 (2.84%)
UNITY 23.35 Increased By ▲ 0.34 (1.48%)
WAVES 11.70 Increased By ▲ 0.10 (0.86%)
WTL 1.59 Increased By ▲ 0.02 (1.27%)
BR100 4,249 Increased By 69.2 (1.65%)
BR30 16,585 Increased By 383.6 (2.37%)
KSE100 42,161 Increased By 549.2 (1.32%)
KSE30 15,895 Increased By 290.3 (1.86%)
Follow us

US crude stocks rose last week, while inventories of gasoline and distillates like diesel declined further due to strong demand, the Energy Information Administration said on Wednesday.

US oil market supply has tightened in recent weeks as demand has kicked into higher gear, and with the resumption of more international travel, consumption could rise further in the holiday season.

Crude inventories rose by 1 million barrels in the week to Nov. 5, compared with analysts' expectations for an increase of 2.1 million barrels. Oil prices were down on the news.

Gasoline stocks fell by 1.6 million barrels, about in line with analyst expectations, the fifth consecutive week of draws for the most-used US fuel. Overall stocks are at levels not seen since November 2017.

Similarly, distillate stocks, which include diesel and jet fuel,, were down as well, dropping by 2.6 million barrels, versus expectations for a 1.1 million barrels drop. Distillate stocks are at their lowest since April 2020.

US crude stockpiles rise, fuel stocks down in most recent week: EIA

"The stats are generally constructive with continued declines in not only gasoline and diesel inventories but jet fuel as well," said Andrew Lipow, president of Lipow Oil Associates in Houston.

The decline in stocks came even as refiners ramped up activity in the most recent week, boosting utilization rates by 0.4 percentage points to 86.7% of overall capacity. Refinery crude runs rose by 343,000 barrels per day.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 34,000 barrels, EIA said.

Net US crude imports fell last week by 192,000 barrels per day.

The US crude futures dropped by $1.22 to $82.93 a barrel, a 1.4% decline, while Brent lost 86 cents to $83.93 a barrel, as of 10:57 a.m. EST

Comments

Comments are closed.