US Crude Oil Stocks Fall Unexpectedly as Refineries Ramp Up

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 216,000 barrels, the EIA said, the first time in several weeks that Cushing stocks have increased.

David Gaffen, Reuters

U.S. crude stocks fell unexpectedly last week as refineries, enjoying strong margins due to higher fuel prices, ramped up output ahead of the winter heating season, the Energy Information Administration (EIA) said on Nov. 17.

Crude inventories fell by 2.1 million barrels in the week to Nov. 12, compared with analysts’ expectations for an increase of 1.4 million barrels. That came even though the U.S. released more than 3 million barrels of crude from its strategic reserve for the second consecutive week as the Biden Administration sought ways to reduce overall fuel costs.

Refiners started to process more crude barrels and exports increased in the most recent week, suggesting generally strong demand for U.S. oil.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access