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US Crude Refinery Runs Increase, Inventories Decrease

Oil

US crude oil refinery throughput was at 16.174M b/d during the week ending September 22, 2017, up 6.6% w-o-w but down 0.98% y-o-y, according to the US Energy Information Administration (EIA). US crude imports averaged 7.427M b/d last week, up 0.8% w-o-w but down 5.2% y-o-y. Over the last four weeks, crude oil imports averaged 7.1M b/d, down 9.3% from the same four-week period last year.

Crude oil inventories dropped by 1.8M barrels w-o-w at 471M barrels, down 0.38% w-o-w and a 0.23% drop y-o-y, compared with analysts’ expectations for an increase of 3.4M barrels. Despite the drop, inventories are still in the upper half of the average range for this time of the year.

Inventories of motor gasoline rose by 0.8% or 1.1M barrels w-o-w, compared with analysts’ expectations in a Reuters poll for a 0.921M barrel drop. This is the first weekly rise since the biggest drop on record in the week ending September 8, when stocks declined by 8.4M barrels as USG refineries were battered by Hurricane Harvey.

By mid-afternoon in London, ICE Brent was trading at $57.89 per barrel, a 0.86% decrease from the end of Tuesday’s trading day.