EIA: US crude oil stocks plunge by nearly 10 million barrels
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 27, commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) plunged by 9.9 million barrels to 476.7 million barrels for the week ending January 22.
US crude oil inventories are about 5% above the five year average for this time of year. The figure was markedly down by 4% from the previous week.
The ratio of net stocks (held at refineries and tank farms) to working storage capacities was 1% lower from the previous week at 52% for the week ending January 22.
The largest decline was seen in Cushing, Oklahoma, where inventories decreased by 3% to 63% last week. Stocks were also down by 2% in East Coast and 1% in Midwest and Gulf Coast hubs.
Data further revealed that inventory levels in Rocky Mountain and West Coast hubs did not change from the previous week at 55% and 52%, respectively.
US crude oil inventories are about 5% above the five year average for this time of year. The figure was markedly down by 4% from the previous week.
The ratio of net stocks (held at refineries and tank farms) to working storage capacities was 1% lower from the previous week at 52% for the week ending January 22.
The largest decline was seen in Cushing, Oklahoma, where inventories decreased by 3% to 63% last week. Stocks were also down by 2% in East Coast and 1% in Midwest and Gulf Coast hubs.
Data further revealed that inventory levels in Rocky Mountain and West Coast hubs did not change from the previous week at 55% and 52%, respectively.
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