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US oil reserves fall more than expected

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Commercial crude oil reserves fell more than expected in the US/European press last week.

Commercial crude oil reserves fell more than expected in the US/European press last week.

Commercial crude stocks fell more than expected in the US last week, according to figures released by the US Energy Information Administration (EIA) on Wednesday.

Shares fell 3.7 million barrels (MB) in the week ending Nov. 18, beating analyst expectations of 2.6 million barrels, according to a consensus set by Bloomberg.

At the same time, commercial reserves are about 5% below average levels over the past five years, according to the EIA.

In addition to the reduction in commercial inventories, strategic reserves fell to 1.5 million barrels, the lowest level since March 1984.

This reduction was accompanied by a 1.6 million barrel reduction in strategic reserves, the lowest level since March 1984.

Meanwhile, refinery capacity utilization rose to 93.9% from the previous week’s 92.9%.

These data theoretically favored higher prices and were relativized by a 3.1 million barrel increase in gasoline inventories. This is almost three times the operator’s expectation (1.1 million).

Another downside is the decline in demand for refined products (-5.7% over the week), which is 8.7% below the level recorded for the same period last year.

Gasoline demand, the metric most valued by merchants, fell 6.9% over the year on average over a four-week period.

The drop rocked a market that was already clearly depressed.

Over the past week, US crude oil production remained flat at 12.1 million barrels per day.

Source: Diario.Elmundo

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