ANL 23.10 Decreased By ▼ -0.70 (-2.94%)
ASC 16.10 Decreased By ▼ -0.30 (-1.83%)
ASL 22.25 Decreased By ▼ -0.40 (-1.77%)
BOP 8.55 Increased By ▲ 0.17 (2.03%)
BYCO 8.96 Increased By ▲ 0.15 (1.7%)
FCCL 18.07 Decreased By ▼ -0.40 (-2.17%)
FFBL 24.45 Decreased By ▼ -0.15 (-0.61%)
FFL 17.90 Decreased By ▼ -0.15 (-0.83%)
FNEL 8.40 Decreased By ▼ -0.14 (-1.64%)
GGGL 22.09 Decreased By ▼ -0.21 (-0.94%)
GGL 43.18 Decreased By ▼ -0.77 (-1.75%)
HUMNL 7.02 Decreased By ▼ -0.15 (-2.09%)
JSCL 20.85 Decreased By ▼ -0.73 (-3.38%)
KAPCO 37.90 Decreased By ▼ -0.20 (-0.52%)
KEL 3.61 Increased By ▲ 0.01 (0.28%)
MDTL 3.00 Decreased By ▼ -0.07 (-2.28%)
MLCF 36.30 Decreased By ▼ -0.18 (-0.49%)
NETSOL 153.30 Decreased By ▼ -4.45 (-2.82%)
PACE 5.98 Decreased By ▼ -0.03 (-0.5%)
PAEL 31.20 Decreased By ▼ -0.45 (-1.42%)
PIBTL 9.36 Decreased By ▼ -0.11 (-1.16%)
POWER 7.90 Decreased By ▼ -0.14 (-1.74%)
PRL 20.85 Decreased By ▼ -0.13 (-0.62%)
PTC 10.40 Increased By ▲ 0.02 (0.19%)
SILK 1.67 Decreased By ▼ -0.02 (-1.18%)
SNGP 43.19 Decreased By ▼ -0.56 (-1.28%)
TELE 22.06 Decreased By ▼ -0.64 (-2.82%)
TRG 173.50 Decreased By ▼ -2.41 (-1.37%)
UNITY 36.20 Decreased By ▼ -0.77 (-2.08%)
WTL 3.25 Decreased By ▼ -0.08 (-2.4%)
BR100 4,979 Decreased By ▼ -47.44 (-0.94%)
BR30 24,460 Decreased By ▼ -312.8 (-1.26%)
KSE100 46,636 Decreased By ▼ -284.38 (-0.61%)
KSE30 18,480 Decreased By ▼ -177.85 (-0.95%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
27,206
7124hr
Pakistan Cases
1,223,841
2,58024hr
4.69% positivity
Sindh
450,126
Punjab
421,800
Balochistan
32,757
Islamabad
104,114
KPK
171,072

US crude oil stockpiles fell for the seventh straight week, falling to their lowest levels since November even as production rebounded and net imports increased, the Energy Information Administration said on Wednesday.

Crude inventories fell 8.5 million barrels in the week ended July 26, far exceeding analysts' expectations for a decrease of 2.6 million barrels. At 436.5 million barrels, crude inventories, not including strategic oil reserves, were at the five year average for this time of year, the EIA said.

The drawdown came even as offshore production restarted as the effects of Hurricane Barry waned, with output rebounding to 12.2 million barrels per day, near recent levels, from 11.3 million bpd a week earlier.

Net US crude imports also rose last week by 353,000 bpd.

Crude stocks at the Cushing, Oklahoma, delivery hub for US crude futures fell by 1.5 million barrels, EIA said.

Prices rose after the EIA report with US crude futures  touching a two-week high at $58.82 a barrel. By 10:52 a.m. EDT (1438 GMT), US crude was up 1%, or 53 cents, at $58.59 a barrel, while Brent crude rose 49 cents to $65.21 a barrel.

"The strong demand is underpinning prices, along with the steep and rapid decline in crude oil inventories over the past several weeks," said John Kilduff, partner at Again Capital Management in New York.

Refinery crude runs fell by 43,000 bpd and refinery utilization rates fell by 0.1 percentage point to 93% of total capacity, the EIA data showed.

Gasoline stocks fell by 1.8 million barrels, compared with analysts' expectations in a Reuters poll for a 1.4 million-barrel drop.

Distillate stockpiles, which include diesel and heating oil, fell by 894,000 barrels, versus expectations for a 1 million-barrel increase, the EIA data showed.

 

Copyright Reuters, 2019

Comments

Comments are closed.