US crude inventories post sharp weekly decline

US commercial crude oil inventories decreased by 1% in the week ending Aug. 28, Anadolu Agency reported citing the data released by the Energy Information Administration (EIA).

Inventories fell by around 4.5 million barrels to 424.5 million barrels, while market expectations had forecast a decrease of around 400,000 barrels.

Strategic petroleum reserves, which are excluded from commercial crude stocks, also declined by about 3.1 million barrels to 286.6 million barrels.

Over the same period, gasoline inventories fell by approximately 1.2 million barrels to 205.7 million barrels.

EIA data showed that US crude oil production rose by 19,000 barrels per day (bpd) to about 13.86 million bpd during the week ending Aug. 28.

US crude oil imports rose by 612,000 bpd to around 6.77 million bpd, and exports increased by 691,000 bpd to about 4.48 million bpd over the same period.

In its Short-Term Energy Outlook (STEO) released on Aug. 11, the EIA forecast that US crude oil output would average 13.8 million bpd in 2026.

Stabil.Az