EIA reports oil inventories rise by 5.9 million barrels

Economy | Markets 9/13/2017, 4:32 PM
EIA reports oil inventories rise by 5.9 million barrels

The United States Department of Energy measured a slightly smaller increase in volumes of commercial crude in reserve for the week ending on September 8 than what was registered in the private data. Furthermore, the drop in inventories of gasoline and distillates, published on Wednesday, was greater than in the report released by the American Petroleum Institute one day earlier.

The Energy Information Administration said the capacity of refineries slumped by two percentage points to 77.7%. The market disturbances came amid the impact of the strongest hurricane hitting Texas in more than a decade. Refinery imports slipped to 14.1 million barrels per day on average from 14.5 million, and oil imports fell to an average 6.5 million from 7.1 million barrels per day.

The stockpiles of the benchmark fossil fuel commodity jumped by 5.9 million barrels to 468.2 million. Oil storage at Cushing, Oklahoma, rose by one million barrels. Gasoline inventories slumped by a record 8.4 million, and the amount of distillates decreased by 3.2 million barrels.

TeleTrader Newsroom / IT

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