EIA Reports Major Draw In Crude Inventories

Marco Green
December 14, 2017

That was bigger than the forecast for a decline of 4 million barrels from analysts surveyed by S&P Global Platts.

-The American Petroleum Institute, an industry group, said late Tuesday that its own data for the week showed a 7.4-million-barrel decrease in crude supplies, a 2.3-million-barrel rise in gasoline stocks and a 1.5-million-barrel rise in distillate inventories, according to a market participant.

Meanwhile, gasoline stocks rose by 5.7 million barrels, beating market expectations for a 2.5 million-barrel gain. January gasoline fell by 1.1 cents, or 0.7%, to $1.687 a gallon. Both benchmarks were up from last Tuesday.

Distillate stockpiles, which include diesel and heating oil, fell by 1.4 million barrels, versus expectations for a 902,000-barrel increase, the EIA data showed. Distillate inventory has risen three weeks in a row leading up to this week, according to information by the Energy Information Administration, but are still nearly 30 million barrels shy of the same week a year ago.

The U.S. Energy Information Administration report on oil inventories is due to be released on Wednesday at 10:30 a.m. EDT.

Crude stocks at the Cushing, Oklahoma, delivery hub for US crude futures fell 3.3 million barrels, EIA said, the largest one-week draw since September 2009.

The EIA's report comes after OPEC revealed in its monthly report that production in November, fell by 133,000 bpd to 32.5 million bpd but revised upward its 2018 forecast for non-OPEC output.

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