Houston Chronicle by Paul Takahashi Sep. 2, 2020
U.S. crude inventories fell more than expected in the last week of August, a sign that oil demand continues to recover from the coronavirus pandemic.
Domestic commercial crude inventories decreased by 9.4 million barrels during the week ended August 28, compared with the previous week. The national crude supply sits at 498.4 million barrels, about 14 percent higher than the five-year average for this time of year, the Department of Energy said Wednesday.
Analysts had forecast a smaller draw of 1.9 million barrels. Still, West Texas Intermediate, the U.S. benchmark, declined Wednesday by about 3 percent to settle at $41.51.
Meanwhile, U.S. refineries processed an average of 13.9 million barrels of crude oil per day last week, a decline of 800,000 barrels per day compared to the previous week. Refineries operated at about 77 percent of their capacity, the agency said.
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