US oil inventories fall by 1.4m barrels - EIA

US oil inventories fall by 1.4m barrels - EIA

Mubasher: US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.4 million barrels to 432.4 million barrels in the week ended 11 May from a week earlier.

Total motor gasoline stockpiles dropped by 3.8 million barrels last week, and are in the upper half of the average range, according to data by the Energy Information Administration (EIA) released on Wednesday.

US crude refinery inputs reached an average 16.6 million barrels per day (bpd) during the week, which is 149,000 bpd more than the previous week’s average, as refineries operated at 91.1% of their operating capacity last week.

US crude imports reached an average of 7.6 million bpd for the same week, up 1,226,000 bpd from the week before, the EIA said.

Crude imports averaged at about 8 million bpd over the last four weeks, which is 4.3% less than numbers released for the same four-week period of 2017.

As for total products, their supplied over the last four weeks reached an average 20.1 million bpd, up by 1.5% from the same period last year.

Despite the fall in US inventories, Nymex crudes dropped 0.79% to $70.75 per barrel (pb) by 2:27 pm GMT, while Brent crude futures plunged 0.74% to $77.85.