SunSirs: EIA reported the Decline in US Crude Oil Inventories Far Exceeded Expectations Last Week

According to foreign sources on December 13th, a report released by the US Energy Information Agency (EIA) on Wednesday showed that US crude oil inventories decreased last week, while gasoline and distillate inventories increased.

As of the week ending December 8th, US crude oil inventories decreased by 4.3 million barrels to 440.8 million barrels, far exceeding analysts' expectations of a 650,000 barrel decline.

According to EIA data, as of the week ending December 8th, US gasoline inventories increased by 408,000 barrels to 224 million barrels, lower than analysts' expectations of 1.9 million barrels.

Price Futures Group analyst Phil Flynn said, "The disruption of gasoline demand is far less severe than people are concerned, which may reverse market sentiment."

Last week, gasoline inventories increased significantly, and oil prices fell due to concerns about weak demand.

The EIA report states that the inventory of Cushing crude oil in Oklahoma, the delivery location for NYMEX crude oil futures, has increased by 1.2 million barrels.

The report shows that the crude oil processing volume of the refinery decreased by 104,000 barrels per day during the week. The utilization rate of refinery capacity decreased by 0.3 percentage points from the previous week to 90.2%.

uring the week, distillate oil inventories, including diesel and heating oil, increased by 1.5 million barrels to 113.5 million barrels, with analysts expecting an increase of 600,000 barrels.

The data also shows that domestic crude oil production in the United States remained unchanged at 13.1 million barrels per day that week. US crude oil exports decreased by 568,000 barrels per day to 3.771 million barrels per day. The US Strategic Petroleum Reserve (SPR) inventory decreased by 6,000 barrels to 351.9 million barrels

Meanwhile, commercial crude oil inventories excluding strategic reserves decreased by 4.258 million barrels to 441 million barrels, a decrease of 0.96%.

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