US crude stockpiles drop beyond forecasts; oil prices surge

US crude stockpiles drop beyond forecasts; oil prices surge

Mubasher: US crude oil inventories dropped by 5.3 million barrels to 396.2 million barrels in the week ended 7 September, official data by the Energy Information Administration (EIA) showed.

This came well above an expected decline of 2.7 million barrels, according to a poll by S&P Global Platts. However, this was lower than the projected 8.6 million barrel-drop, projected in the industry data report released by the American Petroleum Institute (API).

Total motor gasoline stockpiles rose by 1.3 million barrels, while distillate fuel inventories climbed by 6.2 million barrels, the EIA said.

US crude refinery inputs reached an average 17.9 million barrels per day (bpd) during the week, rising 210,000 bpd from the previous week’s average, as refineries operated at 97.6% of their operating capacity last week.

US crude imports reached an average of 7.6 million bpd for the same week, down by 123,000 bpd from the week before.

By 2:52 pm GMT, US Nymex futures surged 2.81% to $70.86 per barrel (pb), while international Brent crude futures rose 1.15% to $79.97 pb.

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Source: Mubasher

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