8/7/2019, 4:32 PM (Source: TeleTrader)
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EIA: Oil inventories jump by 2.39 million barrels

The Department of Energy in Washington measured a weekly rise in commercial inventories of crude to 2.39 million barrels to 438.9 million even though capacity utilization at refineries jumped 3.4 percentage points to 96.4% in the week through August 2. It added to downward pressure on benchmark prices on Wednesday in a global outburst of market volatility, given that the American Petroleum Institute earlier estimated the volume decreased by 3.43 million barrels.

The level of gasoline in stock also surprisingly jumped, by 4.44 million barrels, while distillates grew by 1.53 million, Energy Information Administration said. However, the widely watched reserves at the delivery hub in Cushing, Oklahoma, decreased by 1.5 million barrels or little less than what API reported.

Refinery inputs surged by 786,000 barrels per day on average to 17.8 million and imports of crude were increased by 485,000 barrels to 7.1 million per day, explaining much of the increase in inventories, which are calculated excluding the strategic petroleum reserve.

Breaking the News / IT