The latest government report revealed that U.S. crude oil stockpiles have fallen by more than 6 million barrels in the most recent week, marking the fourth consecutive weekly decline. This reduction in inventory comes as refiners have ramped up fuel processing, reaching a run rate of over 93% of capacity, in preparation for the end of the summer travel season.
According to the Weekly Petroleum Status Report from the U.S. Energy Information Administration (EIA), the U.S. crude inventory balance dropped by 6.307 million barrels during the week ending September 1. This followed a draw of 10.584 million barrels in the previous week ending August 25.
The report also indicated a drawdown in gasoline inventories, with a decline of 2.666 million barrels, following a decrease of 0.214 million barrels in the prior week. Analysts had anticipated a decline of 0.950 million barrels for the most recent week. Gasoline is a significant fuel product in the United States.
In contrast, distillate stockpiles saw a build of 0.679 million barrels, adding to the prior week’s gain of 1.235 million barrels. Analysts had expected a build of 0.239 million barrels for the week. Distillates include products such as heating oil, diesel for various forms of transportation, and fuel for jets.
