Reuters
Published Apr 26, 2017 03:58PM ET
U.S. crude stocks draw down, products build amid record refining: EIA
By David Gaffen
(Reuters) - U.S. crude oil inventories fell sharply and stockpiles of gasoline and distillates jumped last week as refiners hiked production rates to the highest since November 2015 to process a record amount of crude, the Energy Information Administration said on Wednesday.
Crude inventories
That marks the third straight week of drawdowns in crude stocks, which will help reduce the glut of supply that has kept oil trading in a range between the high-$40s and mid-$50s per barrel.
As seasonal spring maintenance has ended, refiners ramped up production ahead of the high-demand summer driving season.
Refinery crude runs
"The report was somewhat supportive for prices, due to the overall crude oil inventory drawdown resulting from a further rise in the refinery utilization rate and large upward spike in crude oil exports," said John Kilduff, partner at energy hedge fund Again Capital LLC in New York.
U.S. crude imports
Consumption, however was a concern as total product demand over past four weeks at 19.5 mln bpd was off 2.2 percent from a year ago.
"Demand for refined products remains weak for this time of the year, which will be a cause for concern over the coming weeks if demand fails to recover,” said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London.
Gasoline stocks
Distillate stockpiles
Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures
After the data, U.S. crude futures (CLc1) turned positive, but pared most gains to settle up 6 cents at $49.62 a barrel.
Written By: Reuters
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