U.S. crude stockpiles fall for eighth week in a row - EIA

[corbe]

U.S. crude stockpiles fall for eighth week in a row - EIA

Reuters


Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base/File Photo

July 14 (Reuters) - U.S. crude oil stockpiles fell for the eighth straight week last week, as renewed vigor in the U.S. economy continues to drive higher fuel demand, the Energy Information Administration said on Wednesday.

The report was delayed for one hour due to technical issues, the EIA said.

Crude inventories (USOILC=ECI) fell by 7.9 million barrels in the week to July 9, far more than analysts' expectations for a decrease of 4.4 million barrels.

Refiners have been drawing down crude inventories in the longest streak since January 2018, in response to heavier demand, while U.S. production has been relatively stagnant.

"U.S. oil inventories have dropped for an eighth consecutive week - with another solid draw at that - falling to their lowest since January 2020 amid ongoing strength in refinery runs and exports," said Matt Smith, director of commodity research at ClipperData.

Net U.S. crude imports (USOICI=ECI) fell last week by 1.1 million barrels per day as exports alone jumped to over 4 million bpd.

<..snip..>

https://www.reuters.com/business/energy/crude-stocks-fall-sharply-again-eia-2021-07-14/?taid=60ef3b4242801a0001ff1b26&utm_campaign=trueAnthem:+Trending+Content&utm_medium=trueAnthem&utm_source=twitter

[IsailedawayfromFR]

U.S. crude stockpiles fall for eighth week in a row - EIA

Reuters


Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base/File Photo

July 14 (Reuters) - U.S. crude oil stockpiles fell for the eighth straight week last week, as renewed vigor in the U.S. economy continues to drive higher fuel demand, the Energy Information Administration said on Wednesday.

The report was delayed for one hour due to technical issues, the EIA said.

Crude inventories (USOILC=ECI) fell by 7.9 million barrels in the week to July 9, far more than analysts' expectations for a decrease of 4.4 million barrels.

Refiners have been drawing down crude inventories in the longest streak since January 2018, in response to heavier demand, while U.S. production has been relatively stagnant.

"U.S. oil inventories have dropped for an eighth consecutive week - with another solid draw at that - falling to their lowest since January 2020 amid ongoing strength in refinery runs and exports," said Matt Smith, director of commodity research at ClipperData.

Net U.S. crude imports (USOICI=ECI) fell last week by 1.1 million barrels per day as exports alone jumped to over 4 million bpd.

<..snip..>

https://www.reuters.com/business/energy/crude-stocks-fall-sharply-again-eia-2021-07-14/?taid=60ef3b4242801a0001ff1b26&utm_campaign=trueAnthem:+Trending+Content&utm_medium=trueAnthem&utm_source=twitter

Why in the world is that so important it is the second sentence?

Maybe to cover up Pelosi's husband making some more big money by buying up oil options before the release?

[thackney]

Why in the world is that so important it is the second sentence?

Maybe to cover up Pelosi's husband making some more big money by buying up oil options before the release?

@IsailedawayfromFR

These reports are weekly at a specific time.  They are a big deal to traders and often you can see the results of unexpected news in the market immediately after release.

https://www.eia.gov/petroleum/supply/weekly/

[IsailedawayfromFR]

@IsailedawayfromFR

These reports are weekly at a specific time.  They are a big deal to traders and often you can see the results of unexpected news in the market immediately after release.

https://www.eia.gov/petroleum/supply/weekly/

I understand all; that.

This is a Weekly report.  One hour means hardly anything in that timeframe.

Why is the government concerned with daily oil traders anyway when they issue what should be factual, statistical reports?