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Crude Oil December 07, 2018 12:30:59 AM

Crude Inventories Decline as U.S. Becomes Net Petroleum Exporter

Anil
Mathews
OilMonster Author
Gasoline inventories increased by 1.7 million barrels last week and are 4 percent above the five-year average for this time of year.
Crude Inventories Decline as U.S. Becomes Net Petroleum Exporter

OILMONSTER.COM- Crude oil inventories have declined for the first time in 11 weeks as record shipments of crude oil to foreign markets made the United States a next exporter of petroleum products for the first time in nearly 70 years.

U.S. commercial crude oil inventories declined by 7.3 million barrels last week, a Thursday morning report from the U.S. Energy Information Administration shows.

Despite the decreased, U.S. commercial crude oil inventories of 443.2 million barrels remain six percent above the five-year average for this time of year.

Part of the decline is attributed to record U.S. crude oil exports of 3.2 million barrels per day as domestically produced West Texas Intermediate crude oil trades at an $8 discount to foreign-produced Brent crude oil.

Gasoline inventories increased by 1.7 million barrels last week and are 4 percent above the five-year average for this time of year.

Distillate fuel inventories increased by 3.8 million barrels last week and are about 5 percent 
below the five year average for this time of year.

Propane and propylene inventories also decreased by 1.3 million barrels last week and are about 3 per percent below the five year average for this time of year.

Total commercial petroleum inventories decreased last week by 8.3 million barrels last week.

EIA's inventory figures come at a time when OPEC members are meeting in Vienna and cannot reach a deal on productions cuts, which had stoked fears of a global supply glut and drove crude oil prices down on Thursday morning.

Courtesy: www.houstonchronicle.com


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