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7/17, 4:32 PM (Source: TeleTrader)
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US oil inventories drop by 3.1 million barrels

Refineries took in 17.3 million barrels per day on average in the week through July 12 compared to 17.4 million in the seven days before that, the United States Department of Energy said on Wednesday. Data showed imports of crude slumped 470,000 barrels per day to 6.8 million and that commercial stockpiles of the commodity fell by 3.1 million barrels to 455.9 million. The American Petroleum Institute earlier estimated the decline was 1.4 million barrels.

The utilization rate in refineries slipped 0.3 percentage points to 94.4%. Gasoline in reserve surged by 3.6 million barrels against the small drop measured by API. The distillates category showed a jump by 5.7 million barrels, less than in the private report. Oil inventories in Cushing, Oklahoma, dropped by 1.35 million barrels.

Breaking the News / IT