- Home
- Business
- News
- US Crude Has Biggest Weekly Draw Since Mid-2019 as Biden Admin Slows Use of Reserves
US Crude Has Biggest Weekly Draw Since Mid-2019 As Biden Admin Slows Use Of Reserves
Fahad Shabbir (@FahadShabbir) Published November 30, 2022 | 10:47 PM
US crude oil stockpiles fell the most in a week since mid-2019 as the Biden administration slowed its use of the country's oil reserves, which now stand at near four-decade lows as refiners increase their push out of fuel products, the Energy Information Administration (EIA) said on Wednesday
WASHINGTON (UrduPoint News / Sputnik - 30th November, 2022) US crude oil stockpiles fell the most in a week since mid-2019 as the Biden administration slowed its use of the country's oil reserves, which now stand at near four-decade lows as refiners increase their push out of fuel products, the Energy Information Administration (EIA) said on Wednesday.
Crude inventories fell by 12.58 million barrels during the week ended November 25 in the biggest drawdown since the week to June 21, 2019, which itself saw an outflow of 12.79 million barrels, the EIA's Weekly Petroleum Status Report said.
Crude inventories had already been falling prior to the November 25 week, dropping by a combined 9 million barrels over the two prior weeks.
Last week's drawdown came as the Biden administration slowed its use of oil from the Strategic Petroleum Reserve, which has fallen to its lowest levels since March 1984, the EIA said.
The agency also said that US petroleum refiners ran at 93% of their capacity last week, pushing out more than the required fuel products that had led to substantial stockpile builds of those.
Gasoline, the number one automobile fuel in the United States, saw a stockpile build of 2.77 million barrels last week, adding to the 5.2-million barrel increase over the two prior weeks.
Inventories of distillates, which are refined into diesel for trucks, buses, trains and ships as well as fuel for jets, rose by 3.55 million barrels last week, adding to the net increase of around 3.0-million barrels seen over the six previous weeks.
"Refineries are running ultra-hard right now - near seasonal records - as crack spreads make for a windfall," analyst Adam Button wrote in a commentary posted on the ForexLive forum.
Crack spreads, which refer to refining profit margins, stood at $59 per barrel for distillates and at $19 a barrel for gasoline, data showed.
Recent Stories
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
Earthquake jolts Karachi
Sindh minister orders operation after attack on police in Ghotki
TikTok to fight US ban law in courts
More Stories From Business
-
Mired in crisis, Boeing reports another loss
3 hours ago -
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
4 hours ago -
British-Pakistani firm unveils $35 million luxury apartments for overseas Pakistanis in Islamabad
4 hours ago -
European stocks lose momentum after global rally
4 hours ago -
New pulses varieties imperative to cater domestic food requirements: Dr Khalid Hasan
5 hours ago -
CEO KP-EZDMC meets CRBC officials
6 hours ago
-
Pakistan among nine poor countries that produces 90 percent cigarettes for world
6 hours ago -
Chief Minister Gilgit Baltistan Haji Gulbar Khan calls on Minister for Privatisation
7 hours ago -
Germany nudges up growth forecast, ailing economy at 'turning point'
6 hours ago -
Revised UAF budget recommended
7 hours ago -
IDEA, TEVTA organizes Job Fair for youth
6 hours ago -
Massive financial, administrative scam unearthed at SCCI
7 hours ago