The Energy Information Administration (EIA) reported on Wednesday that U.S. crude oil inventories decreased last week. This decline occurred primarily due to stronger demand. Both domestic refineries and international exports drove this increase in demand. However, inventories of refined fuels, including gasoline and distillates, saw an increase during the same period.
Crude Oil Inventory Movements
Crude stocks fell by 3.4 million barrels. This brought the total to 424.2 million barrels. The reporting period concluded on November 14. This figure marks a notable shift in the nation’s crude oil reserves.
Demand Drives Reduction
Analysts attributed the inventory reduction to rising demand. U.S. refineries processed more crude. Additionally, export activities increased significantly. These two factors combined to draw down existing stockpiles.
Refined Fuel Stockpiles
While crude stocks fell, refined fuel inventories moved in the opposite direction. Gasoline inventories saw an increase last week. This rise suggests a different dynamic in the market for finished petroleum products.
Distillate Inventory Growth
Distillate inventories also rose during the same reporting period. Distillates include products like diesel and heating oil. This increase indicates a build-up in these specific fuel categories. The EIA released these figures on Wednesday.
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