En Español



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

U.S. crude inventories fall for fourth week on huge Cushing draw -EIA


 

By Reuters Staff

NEW YORK
Petroleumworld 12 14 2017

U.S. crude oil stockpiles fell for a fourth straight week with the biggest slump in supplies at the Cushing, Oklahoma, hub in eight years, even as crude output hit another weekly record, the Energy Information Administration said on Wednesday.

Gasoline inventories, meanwhile, soared far more than expected, even as refining rates slipped.

Crude inventories fell 5.1 million barrels in the week to Dec. 8, compared with analysts' expectations for an decrease of 3.8 million barrels. At 443 million barrels, stocks were the lowest since October 2015.

Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures fell 3.3 million barrels, EIA said, the largest one-week draw since September 2009.

Cushing stocks have dropped in recent weeks after last month's closure of the 590,000 barrel-per-day (bpd) Keystone pipeline following a leak in South Dakota.

The line, one of Canada's main crude export routes linking Alberta to U.S. refineries, is open again but running at reduced rates, which is still affecting current levels at the country's main storage hub.

“We continue to see the impact of the (reduced capacity) of the Keystone pipeline that affected supplies into Cushing and is expected to continue to do so for the next several weeks,” said Andrew Lipow, president of Lipow Oil Associates in Houston.

Lipow said foggy conditions in Houston, a seasonal issue for that city's shipping channel, affected crude imports as well.

U.S. crude imports rose 433,000 bpd last week.

Crude production in the United States rose to 9.78 million bpd, another weekly record. The monthly U.S. crude output record is 10.04 million bpd, set in November 1970.

After the data, U.S. crude futures was trading 3 cents lower at $57.11 a barrel, while Brent crude was down 20 cents to $63.14 a barrel.

“The report is modestly supportive on the large crude oil inventory decline. That decline was offset mightily by the large increase in gasoline inventories,” said John Kilduff, partner at energy hedge fund Again Capital LLC in New York.

Gasoline stocks rose by 5.7 million barrels, compared with analysts' expectations in a Reuters poll for a 2.5 million-barrel gain.

Refinery crude runs fell by 243,000 bpd as utilization rates slipped 0.4 percentage point to 93.4 percent of total capacity, EIA data showed.

Distillate stockpiles, which include diesel and heating oil, fell 1.4 million barrels, versus expectations for a 902,000-barrel increase, the EIA data showed.



Reporting By David Gaffen Editing by Marguerita Choy from Reuters.

reuters.com 12 13 2017

We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

 

 


 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.