larger drop than expected in crude oil stocks

oil priceoil pricenew York: Commercial crude oil inventories contracted by 2.5 million barrels last week, significantly more than expected, according to figures released Wednesday by the US Energy Information Administration (EIA), a shift linked to the activity of American refineries.

Analysts expected a decline of 600,000 barrels during the week ending May 10, according to a consensus published by the Bloomberg agency.

This decline, greater than expected, is explained, in part, by the acceleration of American refineries, whose capacities were used at 90.4%against 88.5% during the previous period.

The refinery rate is the highest in four months.

The EIA also recorded a slight strengthening in gasoline demand, with an increase of 0.9% over a week of products delivered to the American market.

The movement was clearly more marked for kerosene (+9.8%) and distilled products (+9.8% also), category which includes diesel.

Gasoline stocks fell by 200,000 barrels over the week, while analysts announced an increase of one million barrels.

The government continued to replenish strategic crude oil reserves (SPR), which increased for the 22nd week in a row. They are now at their highest level in almost 13 months.

During the week ended May 10, American production remained unchanged, at 13.1 million barrels per day.

Black gold prices reacted little to this publication. Around 4:05 p.m. GMT, the price of 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 setting the price of crude and as a raw material for oil futures contracts with the Nymex (New York Mercantile Exchange). ), the stock exchange specializing in energy.) American took 0.24%has $78.21.

(c) AFP

Comment oil: greater drop than expected in crude stocks

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