EIA says US crude oil stocks dropped, Gasoline take a spike

In their weekly summary on Petroleum, Energy Information Administration stated that the output by refineries was substantially increased, but stocks for Crude Oil dropped significantly. Gasoline, however, increased by 1.5 million barrels unlike the drop predicted by the Reuters poll. The increase in Refinery Utilisation Rates was concluded to be 1.7%.

The report by EIA stated- “U.S. crude oil imports averaged 6.3 million barrels per day last week, down by 138,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.9 million barrels per day, 0.5% more than the same four-week period last year.” And as for Gasoline- “Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.0 million barrels per day, and distillate fuel imports averaged 273,000 barrels per day.”