The crude stockpile figure was buoyed by releases from the Strategic Petroleum Reserve and as refiners reduced activity
U.S. crude oil stockpiles rose by more than 10 million barrels last week, the most since March 2021, buoyed by releases from the Strategic Petroleum Reserve and as refiners reduced activity.
The crude stockpile figure included a 2.26 million per day adjustment. Kpler analyst Matt Smith attributed the adjustment to exports which were considerably lower on the U.S. Gulf last week than the EIA reported. SPR crude inventories fell by 4.7 million barrels in the week to 382.3 million, their lowest since January 1984, while stocks at the Cushing, Oklahoma, delivery hub for U.s futures rose by 426,000 barrels, the EIA said.
Refinery crude runs fell by 459,000 bpd last week, the EIA said, reducing overall utilization rates by 3.3 percentage points to 92.2 per cent of total capacity.
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