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Oil prices continued its gains, as US crude inventories fell in the last week

25 Aug 2021 05:14 PM

US crude oil inventories fell by 3 million barrels last week to 432.6 million barrels, compared to market expectations for a 2.7-million-barrel decline. The Energy Information Administration said crude stocks at the delivery center in Cushing, Oklahoma, rose by 70K barrels last week.

The Energy Information Administration also indicated that crude oil refinery flows rose by about 66K barrels per day last week. Refinery utilization rates increased by 0.2 percentage points during the week.

US gasoline stocks fell by 2.2 million barrels per week to 225.92 million barrels, compared to expectations that indicated a decline of 1.6 million barrels.

Energy Information Administration data showed that distillate stocks, which include diesel and heating oil, rose 0.6 million barrels in the week to 138.46 million barrels, versus expectations for a decline of about 0.3 million barrels.

In the same context, the data showed an increase in net US imports of crude last week by 426,000 barrels per day.

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