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U.S. Facing a Decrease in Crude Oil Inventory of 4.6 Million Barrels

crude oil drop

This week, US commercial crude oil stockpiles (excluding the Strategic Petroleum Reserve) dropped by 4.6 million barrels. For this time of year, the EIA’s crude oil and petroleum weekly storage data shows that U.S. crude oil stocks are around 8% lower than the five-year average for this time of year.

It was a significant increase of 185,000 barrels a day from the week before in the crude oil imports to the United States. Crude oil imports have increased by 10.7% over the last four weeks compared to the same period last year, averaging around 6.2 million barrels per day.

During the week ending January 7, 2022, crude oil refinery inputs in the United States averaged 15.6 million barrels per day, 293,000 barrels per day fewer than the previous week’s average. Last week, refineries ran at 88.4% of their maximum capacity.

  • The daily average of 8.6 million barrels of gasoline produced climbed last week.
  • The daily output of distillate fuel dropped to an average of 4.8 million barrels last week.

Motor gasoline imports last week totalled 589,000 barrels per day, with distillate fuel imports averaging 216,000 barrels per day (including both finished gasoline and gasoline blending components).

Original source material for this article taken from here

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Written by Olivia Woods

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