On Wednesday, July 16th, the US Energy Information Administration (EIA) announced that due to increased exports, US crude oil inventories decreased last week, while gasoline and distillate inventories increased, raising concerns about fuel demand.
EIA said that in the week ended July 11, crude oil inventory decreased by 3.9 million barrels to 422.16 million barrels, while the previous survey showed that analysts expected a decrease of 552,000 barrels.
The export volume of crude oil increased by about 760,000 barrels per day, reaching 3.5 million barrels per day, while the net import of crude oil in the United States decreased by 395,000 barrels per day to 2.86 million barrels per day.
EIA stated that gasoline inventories increased by 3.4 million barrels last week to 232.9 million barrels, with an expected decrease of 1 million barrels.
The inventory of distillate oil, including diesel and heating oil, increased by 4.2 million barrels to 107 million barrels, with an expected increase of 200,000 barrels.
The supply of gasoline products reflecting demand decreased by 670,000 barrels per day to 8.5 million barrels per day, while the supply of distillate oil products decreased by 245,000 barrels per day to 3.4 million barrels per day.
The report is definitely a bit disappointing in terms of demand, "said Phil Flynn of Price Futures Group." This has some impact on market sentiment
After the data was released, the decline in Brent crude oil and US crude oil futures widened, with the two major contracts falling to $68.04 and $65.81 per barrel, respectively.
EIA reported that crude oil inventories at the Cushing delivery center in Oklahoma increased by 213,000 barrels to 21.41 million barrels.
The crude oil processing capacity of the refinery decreased by 157,000 barrels per day, and the capacity utilization rate of the refinery decreased by 0.8 percentage points, accounting for 93.9% of the total capacity.
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