Sign Up for FREE Daily Energy News
Canadian Flag CDN NEWS  |  US Flag US NEWS  | TIMELY. FOCUSED. RELEVANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2
BREAKING NEWS:

Hazloc Heaters
Copper Tip Energy Services
Hazloc Heaters
Copper Tip Energy


U.S. Crude Stocks Rise as Oil Refiners Take in Less Oil – EIA


These translations are done via Google Translate

NEW YORK, Feb 7 (Reuters) – U.S. crude stocks rose as oil refiners took in less oil, following extreme cold weather that knocked out utilization last month, the Energy Information Administration said on Wednesday.

Crude inventories rose by 5.5 million barrels to 427.4 million barrels in the week ended Feb. 2, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.9 million-barrel rise.

Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI), opens new tab fell by 33,000 barrels in the week, the EIA said.

Oil prices rose immediately following the data despite the crude stockpile build. Brent and U.S. crude futures edged higher to $78.80 a barrel and $73.50 a barrel, respectively.

Refinery crude runs (USOICR=ECI), opens new tab fell by 9,000 barrels per day, the EIA said, to their lowest level since January 2023, while utilization rates (USOIRU=ECI), opens new tab fell by 0.5 percentage points to the lowest level since December 2022, according to the EIA data.

On the U.S. Gulf Coast, which was hit last month by a deep freeze that knocked off 15% of refining capacity, utilization rates dipped to their lowest level since September 2021, according to the data.

GLJ
Tarco | Delivering Engineered Solutions
ROO.AI Oil and Gas Field Service Software

“The crude build is mostly the result of low refinery runs – storm and maintenance related, and higher net-imports of U.S. crude,” said Giovanni Staunovo, analyst at UBS. “But with recovering U.S. oil demand, refined products saw large draws, resulting in very large refined product draws.”

U.S. gasoline stocks (USOILG=ECI), opens new tab fell by 3.1 million barrels in the week to 251 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 140,000-barrel build.​

Distillate stockpiles (USOILD=ECI), opens new tab, which include diesel and heating oil, fell by 3.2 million barrels in the week to 127.6 million barrels, versus expectations for a 1 million-barrel drop, the EIA data showed.

Net U.S. crude imports (USOICI=ECI), opens new tab rose by 1.6 million barrels per day, EIA said.

U.S. oil production of crude oil returned last week to a record high of 13.3 million bpd.

Reporting by Stephanie Kelly, additional reporting by Nicole Jao; Editing by Chizu Nomiyama

Share This:




More News Articles


GET ENERGYNOW’S DAILY EMAIL FOR FREE