Energy Department Report Reveals Significant Decline in US Oil and Gasoline Inventories, While Distillates and Strategic Reserves Rise.
Last week, oil inventories in the United States fell by 2.696 million barrels, reaching a total of 440.408 million. This information was released on Wednesday (30) by the Department of Energy (DoE). The result contradicted the estimates of analysts consulted by The Wall Street Journal, who had projected an increase of 100,000 barrels.
US Gasoline Inventories Also Fall Beyond Expected
The DoE data also showed a decline of 4.003 million barrels in gasoline inventories, totaling 225.54 million.
The forecast for the period was a reduction of 900,000 barrels, highlighting a significant difference between market expectations and the volume actually recorded.
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Distillates and Strategic Reserves Increase
In contrast to the movements of oil and gasoline, distillate stocks rose by 937,000 barrels, reaching 107.815 million.
The analysts’ projection was a decrease of 800,000 barrels. The country’s special reserves, known as SPRs (Strategic Petroleum Reserves), also increased: by 1.065 million barrels, totaling 398.542 million.
Refining Capacity Exhibits Slight Growth
The refining utilization rate in the United States increased from 88.1% to 88.6%, slightly exceeding market expectations, which were 88.5%.
This data reinforces the steady pace of refining operations in the country during the analyzed period.
Cushing Records Increase and Daily Production Advances
At the Cushing storage hub, inventories increased by 682,000 barrels, totaling 25.701 million.
The average daily oil production in the United States saw a slight rise, reaching 13.465 million barrels per day.
The data released by the Department of Energy of the United States reveals a scenario of uncertainties in the oil market.
The unexpected decline in oil and gasoline inventories, along with the increase in distillates and strategic reserves, indicate a market dynamic that is more volatile than anticipated.
