US Crude Oil Stockpiles Fall to 2018 Lows: Report

The crude oil drawdowns came even as refiners cut activity, with runs down by 294,000 bbl/d and utilization rates falling 1.4 percentage points in the week.

David Gaffen, Reuters

U.S. crude oil stockpiles fell more than expected to their lowest levels since October 2018, but gasoline inventories surged due to weak demand, the Energy Information Administration (EIA) said on Jan. 12.

Crude inventories fell by 4.6 million barrels in the week to Jan. 7 to 413.3 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.9 million-barrel drop.

U.S. crude inventories have dropped for seven consecutive weeks, and overall inventories have been tightening across the globe as major producers struggle to increase supply even as demand rises.

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