Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » U.S. crude stockpiles fall for eighth week in a row – EIA

    U.S. crude stockpiles fall for eighth week in a row – EIA

    July 16, 2021
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Oil stockpile.

    News wire — U.S. crude oil stockpiles fell for the eighth straight week last week, as renewed vigor in the U.S. economy continues to drive higher fuel demand, the Energy Information Administration said on Wednesday.

    The report was delayed for one hour due to technical issues, the EIA said.

    Crude inventories fell by 7.9 million barrels in the week to July 9, far more than analysts’ expectations for a decrease of 4.4 million barrels.

    Refiners have been drawing down crude inventories in the longest streak since January 2018, in response to heavier demand, while U.S. production has been relatively stagnant.

    “U.S. oil inventories have dropped for an eighth consecutive week – with another solid draw at that – falling to their lowest since January 2020 amid ongoing strength in refinery runs and exports,” said Matt Smith, director of commodity research at ClipperData.

    Net U.S. crude imports fell last week by 1.1 million barrels per day as exports alone jumped to over 4 million bpd.

    Crude production rose to 11.4 million bpd last week to its highest since May 2020, but that figure is considered volatile and less reliable than monthly data.

    Refinery crude runs fell by 22,000 bpd and refinery utilization rates fell by 0.4 percentage point.

    Fuel stocks rose last week even as refinery runs eased back a bit. Gasoline stocks rose by 1 million barrels, compared with expectations for a 1.8 million-barrel drop.

    Distillate stockpiles, which include diesel and heating oil, rose by 3.7 million barrels, versus expectations for a 877,000 barrel-increase.

    Overall product supplied, a measure of demand, was 20.6 million bpd over the last four weeks, roughly in line with figures from two years ago, prior to the coronavirus pandemic. Weekly figures showed a sharp decline, however.

    “The significant decline in gasoline and diesel demand has pressured prices, even though crude oil inventories have continued to draw,” said Andrew Lipow, president of Lipow Oil Associates in Houston.

    Oil benchmarks slipped on the news. U.S. oil dropped by 1.4%, or $1.07, to $74.18 as of 11:44 a.m. EDT (1544 GMT), while Brent lost 70 cents to $75.79 a barrel.
    – Reuters (Reporting By New York Energy Desk Editing by Marguerita Choy)

    Follow us on twitter

    Related News

    TotalEnergies enters 40 Chevron-operated US offshore blocks

    OPEC expects solid second-half of 2025 for world economy

    Crude oil prices climb above $77/b amid Israel-Iran clash

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    TotalEnergies enters 40 Chevron-operated US offshore blocks

    June 16, 2025

    OPEC expects solid second-half of 2025 for world economy

    June 16, 2025

    Crude oil prices climb above $77/b amid Israel-Iran clash

    June 16, 2025

    ‘Ghana has lost $11bn to gold smuggling, links to UAE’

    June 16, 2025

    Nigeria’s Dangote refinery to supply fuel directly

    June 16, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.