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Oil inventories drop, but distillates surge as economic outlook is cloudy
The Energy Information Administration (EIA) released its weekly report today on the status of petroleum inventories in the United States. Here are some highlights: Crude oil inventories decreased by 3.4 million barrels (MMbbl) to a total of 445.1 MMbbl. At 445.1 MMbbl, inventories are 13.0 MMbbl below last year (-2.8%) and are 4% below the five-year average for this time of year. Inventories in Cushing, OK, the NYMEX delivery point, fell 0.7 million barrels to a total of 33.5 million barrels. The Strategic Petroleum Reserve (SPR) rose 500,000 barrels from the prior week and stands at 373.1 million barrels, 7.6% above ... (full story)
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- Posted: Jul 10, 2024 7:24pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 241
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