US Crude Oil Stocks Decline Again Amid Lower Refinery Capacity

The US Energy Information Administration (EIA) has released its weekly oil inventory report, revealing another drop in commercial US crude oil stocks. According to the data, US crude oil inventories decreased by around 640,000 barrels to 423 million barrels in the week ending September 11.

Refineries operated at 96.8% of their operable capacity during the week, which is lower than last week's 97.8%. The decrease in refinery capacity may be a contributing factor to the decline in crude oil stocks.

In other news, gasoline stocks increased by 794,000 barrels over the week to about 208 million barrels, and distillate stocks moved 1.6 million barrels higher to about 108 million barrels.