Commodities Buzz: US Crude Oil Stocks Fall, Inventories At Cushing Tumble To Lowest Since August 2018

10 Mar 2022 , 12:03 PM

The US Energy Information Administration or EIA reported yesterday that the US crude inventories fell by 1.9 million barrels for the week ended March 4. At 411.6 million barrels, the EIA said, crude oil inventories are 13 percent below the five-year average for this time of the year. The crude stocks at the Cushing, Okla., Nymex delivery hub also fell by 600,000 barrels for the week, testing lowest since August 2018. The EIA also reported weekly inventory declines of 1.4 million barrels for gasoline and 5.2 million barrels for distillates. The US crude stocks in the Strategic Petroleum Reserve fell to 577.5 million barrels, the lowest since July 2002. Refinery crude runs fell by 21,000 barrels per day in the last week, while utilization rates edged up by 1.6 percentage points, EIA data showed. Net US crude imports moved up by 1.93 million bpd per day.

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