US Crude Oil Stocks Draw Down as Refineries Near Full Capacity
The US Energy Information Administration (EIA) has released its weekly oil inventory report, showing another draw in commercial US crude oil stocks. According to the data, inventories decreased by around 400,000 barrels to 424 million barrels in the week ending September 4.
Refineries operated at 97.8% of their operable capacity during the week, slightly lower than last week's 98%. Gasoline stocks increased by 1.3 million barrels over the week to about 207 million barrels, and distillate stocks moved 2.1 million barrels higher to about 106 million barrels.
The data was delayed by a day due to the US Labour Day holiday. The report's release comes as Brent crude's price has felt some upward pressure following the publication of the EIA's report.