EIA: US crude oil stocks down for fifth week in a row
by ChemOrbis Editorial Team - content@chemorbis.com
According to the Weekly Petroleum Status Report published by the U.S. Energy Information Administration (EIA) on January 13, commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.2 million barrels to 482.2 million barrels for the week ending January 8.
This marked the fifth straight week of decreases in oil inventories.
US crude oil inventories are about 8% above the five year average for this time of year. The figure was 1% lower from the previous week.
The ratio of net stocks (held at refineries and tank farms) to working storage capacities was unchanged from the previous week at 53% for the week ending January 8.
Data showed that oil inventories at East Coast, Gulf Coast and West Coast hubs were unchanged when compared to the previous week, while Midwest and Cushing, Oklahoma storages saw respective decreases of 1% and 2% in stocks last week.
Rocky Mountain was the only storage to witness an increase in stock levels for the week ending January 8.
This marked the fifth straight week of decreases in oil inventories.
US crude oil inventories are about 8% above the five year average for this time of year. The figure was 1% lower from the previous week.
The ratio of net stocks (held at refineries and tank farms) to working storage capacities was unchanged from the previous week at 53% for the week ending January 8.
Data showed that oil inventories at East Coast, Gulf Coast and West Coast hubs were unchanged when compared to the previous week, while Midwest and Cushing, Oklahoma storages saw respective decreases of 1% and 2% in stocks last week.
Rocky Mountain was the only storage to witness an increase in stock levels for the week ending January 8.
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