US oil stocks fall more than expected on strong export, refinery demand -EIA
Crude oil stockpiles in the United States decreased by 10.6 million barrels to 422.9 million barrels in the week ending August 25, the US Energy Information Administration said in its weekly report on Wednesday. Total commercial petroleum inventories were down by 8 million barrels. Crude oil refinery inputs averaged 16.6 million barrels per day during the same week, 173,000 barrels per day less than the previous week’s average. Gasoline production rose last week, averaging 10 million barrels per day, while refineries operated at 93.3% of their operable capacity in the same period. Meanwhile, crude oil imports averaged 6.6 million barrels per day last week, down by 316,000 barrels compared to the previous week. NN: Reality is oil stockpiles falling because production is less than demand….. Enjoy