Oil stocks drop again, refineries accelerate

NYC / Stocks aux USA: Crude oil inventories contracted again last week in the United States, according to the American Energy Information Administration (EIA), thanks to the acceleration of refinery activity in the United States.

The decline reached 3.4 million barrels net during the week ending July 5, while analysts were on average expecting an increase of one million barrels, according to a consensus established by the Bloomberg agency.

This reduction is all the more remarkable since, during the same week, American crude production increased, 13.3 million barrels per day (compared to 13.2 previously), a historic record already recorded at the start of the year.

The decline in commercial stocks also comes as exports have fallen by 9% over a week, while imports increased by 3%.

But these elements were more than offset by the ramp-up of American refineries, whose capacities were used at 95,4%against only 93,5% during the previous week.

The pace of American refineries has not been this sustained at this time of year for six years.

Alongside the decline in commercial stocks, strategic reserves (SPR) increased by 500,000 barrels.

After having tapped these SPRs to ease the price of black gold, the American government is seeking to gradually reconstitute them. Since July 2023, it has thus bought back more than 26 million barrels.

In terms of demand, refined products delivered to the US market declined slightly (-1,6%), but gasoline volumes remained well above the symbolic threshold of nine million barrels per day (9.4).

Only distilled products (-7%), category which includes diesel, and refined products intended for industry (-6%) have marked time.

For Matt Smith, an analyst at Kpler, the decline in commercial crude oil stocks and gasoline reserves (-2 million barrels) the effect of the long July 4 weekend, a national holiday in the United States that traditionally marks a high time for road travel.

The EIA’s release allowed oil prices to gain some height, after stagnating at the start of the session. At around 15:00 GMT, a barrel of West Texas Intermediate (WTI) WTI West Texas Intermediate (WTI), also called Texas Light Sweet, is a variation of crude oil that serves as a standard in determining the price of crude oil and as a raw material for oil futures contracts on the New York Mercantile Exchange (Nymex), the energy exchange specializing in energy.) American for delivery in August took 0,71%has 81,99 dollars.

(c) AFP

Commenter USA: new drop in oil stocks, refineries accelerate

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