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Crude Inventory Data Shows Larger Than Expected Decline of 9.6 Million Barrels
U.S. crude oil refinery inputs averaged 16.3 million barrels per day during the week ending June 23, 2023, which was 215 thousand barrels per day less than the previous week’s average. Refineries operated at 92.2% of their operable capacity last week. Gasoline production increased last week, averaging 10.1 million barrels per day. Distillate fuel production decreased last week, averaging 4.7 million barrels per day. U.S. crude oil imports averaged 6.6 million barrels per day last week, increased by 418 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 ... (full story)
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WTI Rallies After Big Crude Draw; Biden Admin Drains SPR For 13th Week In A Row
Oil prices slipped to the lower-end of their recent range yesterday - WTI back below $70 - shrugging off any 'war premium' from Russia's coup-gate and seemingly weakening on expectations of a more hawkish Fed after strong econ numbers today. "The market appears to have quickly discounted any meaningful supply risk tied to the short-lived uprising by Russian paramilitary forces over the weekend. That comes amid a broader trend that has seen Russian crude exports frequently come in above expectations over the past year as the country continues to find buying interest from China and other developing markets to ... (full story)