Crude stocks in the land of the world’s largest oil consumers have fallen since this month began.
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The crude oil inventory levels declined for the third consecutive week, according to data released by the Energy Information Administration (or EIA).
Imports grew by 247,000 barrels a day last week, the DoE said.
Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) rose by 526,000 barrels, EIA said.
US crude oil inventories fell sharply last week, the third consecutive week of unexpected declines, while gasoline stocks decreased nationwide but posted record builds on the Gulf Coast amid the shutdown of a key pipeline, data from the Energy Information Administration showed on Wednesday. The total USA stockpile declined to 504.6. million barrels, the lowest level since the week of February 12. Brent for November settlement advanced 87 cents, or 1.9%, to $46.75 a barrel on the London-based ICE Futures Europe exchange.
The American Petroleum Institute (API), a trade group, said United States crude inventories fell by 7.5 million barrels for the week ended September 16, drawing unexpectedly for a third week in a row.
Gasoline stocks fell by 3.2 MMbbl, compared with analysts’ expectations in a Reuters poll for a 567,000 bbl drop.
A meeting this week between delegates of Saudi Arabia and Iran, whose rivalry caused the collapse of freeze talks earlier this year, was reportedly to prepare for discussions between Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation at the Algeria freeze talks next week – but pundits think it heralds a positive outcome for the maligned talks.
Some traders, however, said US crude stockpiles were still high and prices could come under pressure again.
U.S. West Texas Intermediate (WTI) crude futures rose $1.29, or 2.9 percent, to settle at $45.34.
Some market participants were puzzled by the US crude draw when imports as a whole rose and refinery runs fell.
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“The Colonial Pipeline mess is evident in the gasoline data”, said John Kilduff, partner at NY energy hedge fund Again Capital in NY.
