The prices of oil futures recorded gains, with West Texas Intermediate surpassing the value of $95 per barrel for the first time since August 2022.The commodity thus continued to observe price rises in the aftermath of a larger-than-expected decline in the US inventories. WTI for November’s deliveries jumped by 1.31% at 9:10 pm ET to sell for $94.90 per barrel, having hit $95 per barrel moments earlier. A minute later, Brent for the same month’s settlements grew by 1.17% to go for $97.64 per barrel.
EIA: US crude inventories down by 2.2 million barrels
Commercial crude oil inventories in the United States, not considering those in the Strategic Petroleum Reserve (SPR), went down by 2.2 million barrels to 416.3 million barrels in the week ending September 22, the Energy Information Administration (EIA) stated in its report published on Wednesday. Crude oil refinery inputs averaged 16.1 million barrels per day during the same week, 239,000 barrels per day less than the previous week’s average. Refineries operated at 89.5% of their operable capacity.
NB: the stupid asses in the trillion dollar funds cannot read page 2,. Refineries are shit down. Normal utilization rates are in the mid nineties. Its refinery change over and maintenance season, so they are shut down. So inventories rise. Since a suit refinery does not need any crude oil. In the coming 2 months they will open up and that sucking sound will be inventories getting turned into diesel fuel and heating oi.
Meanwhile, gasoline production decreased and averaged 9.1 million bpd. Crude oil imports went up by 711,000 bpd week-on-week to average 7.2 million bpd. Total commercial petroleum inventories declined by 1.5 million barrels last week.
NN: We are going to have a lot of fun collecting a stupid tax.