Crude oil stockpiles in the United States declined by 5.1 million to stand at 460.9 million barrels in the week ending April 21, the US Energy Information Administration revealed in its report on Wednesday. The crude oil refinery inputs in the country averaged 15.8 million barrels per day, declining by 11,000 barrels per day from the average recorded in the week prior. Refineries operated at 91.3% of their capacity, while gasoline production rose to an average of 10 million barrels per day. Imports of crude oil into the US averaged 6.4 million barrels per day, 81,000 barrels per day more in comparison to the previous week. Total commercial petroleum inventories declined by 400,000 barrels.
Oil Prices lower Despite Large Crude Draw
This week, SPR inventory dropped for the fourth week in a row losing 1.1 million barrels for the week to reach 366.9 million barrels—the lowest amount of crude oil in the SPR since October 1983. U.S. crude oil production held steady during the week ending April 14, at 12.3 million bpd. U.S. production is now 800,000 bpd lower than the peak production seen in March 2020. The price of WTI was trading down on Tuesday in the run-up to the data release, well below $80 per barrel on renewed market fears over a possible bank collapse contagion after Q1 figures from First Republic bank showed deposits were down 40%.Gasoline inventories fell also, by 1.919 million barrels after falling in the week prior by 1 million barrels.
Brent crude was also trading down on the day.