EIA reports another draw in US crude oil stocks

Brent crude’s price has felt some upward pressure following the release of the US Energy Information Administration’s (EIA) weekly oil inventory report.

IMAGE: Getty Images

Commercial US crude oil inventories decreased by around 400,000 bbls to 424 million bbls in the week ending 4 September, according to data from the EIA.

Refineries operated at 97.8% of their operable capacity during the week, slightly lower than last week’s 98%.

Gasoline stocks increased by 1.3 million bbls over the week to about 207 million bbls, and distillate stocks moved 2.1 million bbls higher to about 106 million bbls.

The data was delayed by a day due to the US Labour Day holiday.

By Aparupa Mazumder

Please get in touch with comments or additional info to news@engine.online