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U.S. oil inventories slip, industrial production down

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Staff Writer | May 17, 2018
Inventories of crude oil and its derivative products in the States were lower across the board last week amid rising exports.
oil inventories
America   Production of crude oil increased
According to the Energy Information Administration, the U.S. Department of Energy's statistical arm, net imports fell by 411,000 barrels a day over the week ending on 11 May.

That was chiefly the result of a 689,000 b/d jump in the nation's exports.

Domestic U.S. oil outout was also higher as were imports, but not by enough to offset the increase in sales to buyers overseas.

Production of crude oil increased by 20,000 b/d to reach 10.723m b/d, while imports increased by 278,000 b/d to hit 7.6m b/d.

Combined, the above saw crude oil stockpiles run down by 1.4m barrels from the week before, while those of gasoline fell by 3.8m, alongside a decrease in inventories of distillates of 0.1m.

In parallel, last week refineries operated at 91.1% of their capacity.

U.S. industrial production fell short of forecasts last month despite a sharp jump in the output of business equipment.

In April, total output rose by 0.7% versus the month before, according to the Federal Reserve.

Economists on the other hand had forecast a rise of just 0.5% month-on-month.

However, figures for December, January and February were all revised lower, partly offset by an upwards revision to data for March.

As a result, at 78.0% for April, the degree of capacity in use, one closely-followed measure of the degree of slack in the economy, fell short of economists' forecasts for a print of 78.4%.