United States crude, diesel stocks drop in latest week

Cornelia Mascio
Gennaio 19, 2018

USA crude oil stocks fell for a ninth straight week, led by a record drawdown at the US storage hub in Cushing, Oklahoma, the Energy Information Administration said on Thursday.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 4.2 million barrels, EIA said.

Crude inventories fell 6.9 million barrels in the week to January 12, compared with analysts' expectations for a decrease of 3.5 million barrels.

Refinery crude runs fell by 448,000 barrels per day, EIA data showed.

Another report showing a big drop in USA oil stockpiles failed to drive oil prices any higher.

Brent crude, the global benchmark, pared losses, trading at $69.30, down 8 cents a barrel, by 11:26 a.m. EST (1626 GMT), after earlier slipping to $68.80 a barrel earlier in the session. On Monday it hit $70.37, the highest since December 2014. "EIA also expects a significant contribution to crude oil production growth from the Federal Gulf of Mexico, as seven new oil-producing projects are slated to come online by the end of 2019", the administration said.

The agency previously said US output could reach 10 million bpd in February and 11 million bpd in 2019.

Militant group Niger Delta Avengers threatened to attack Nigeria's oil sector in the next few days, potentially hampering supplies in Africa's largest exporter.

Net U.S. crude imports rose last week by 58,000 barrels per day. "The market is still sensitive to geopolitical developments".

Even so, traders said prices were unlikely to fall far due to the OPEC-led curbs and the risk of further disruptions.

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