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Weekly U.S. oil and product stockpiles drop sharply

Staff Writer | May 10, 2018
US commercial oil and product stockpiles shrank sharply last week, amid a big drop in imports.
Oil rig count
Oil   According to the Energy Information Administration:
According to the Energy Information Administration, commercial crude oil inventories declined by 2.2m barrels over the week ending on 4 May, to reach 433.8m barrels.

That came alongside a 2.2m barrel drop in the country's gasoline inventories and a 3.8m barrel drawdown in those of distillates.

Net imports meanwhile declined by 955,000 b/d last week, with a 1.226m b/d drop in purchases from overseas to a rate of 7.3m b/d partially offset by a 271,000 b/d drop in the country's exports.

Yet domestic US oil ouput was higher again last week, according to the government, rising by 84,000 barrels a day to 10.703m b/d.

Refineries operated at 90.4% of their capacity last week.