The Strategic Petroleum Reserve also saw a decline, dropping by 403,000 barrels to 285 million, while inventories at the Nymex delivery hub in Cushing, Oklahoma, fell by 342,000 barrels to 21.5 million. Despite these reductions, overall crude production remained steady at 13.9 million barrels per day. Imports increased by 234,000 barrels per day to reach 7.1 million, while export volumes surged by 1.4 million barrels per day to hit 4.8 million.
In section Market Quotes
U.S. Crude Inventories Slip as Fuel Stocks Climb
Domestic crude oil stockpiles tightened for the third straight week, shedding 640,000 barrels to reach 423.4 million in the period ending September 11. While the Energy Information Administration reported a moderate draw, the decline fell short of the 1.4 million barrel drop anticipated by analysts surveyed by the Wall Street Journal.
Refinery activity slowed slightly, with utilization rates slipping to 96.8% from 97.8% the previous week. This drop in throughput accompanied a rise in refined product levels. Gasoline inventories unexpectedly increased by 794,000 barrels to 207.7 million, defying projections of a decrease. Distillate stocks followed a similar upward trend, climbing by 1.6 million barrels to 107.9 million, despite expectations that levels would remain unchanged.
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