Oil Falls as Refiners Reduce Crude Runs by Most in Four Months
Refineries used 16.3 million barrels a day of crude last week, down from 16.6 million the previous week, the EIA said. That was the biggest drop since Jan. 16. Plants operated at 91.2 percent of their capacity, down from 93 percent. Analysts surveyed by Bloomberg had expected a gain of 0.5 percentage point.
U.S. crude production was 9.37 million barrels a day last week, up 5,000 from the previous week, according to EIA estimates. Production reached 9.42 million on March 20, the highest level in weekly data going back to 1983.
“Prices came off their highs after the report, which may be due to the production number,” Rob Thummel, a managing director and portfolio manager at Tortoise Capital Advisors LLC in Leawood, Kansas, who helps manage $16.9 billion, said by phone. “Production was flat. There was probably some disappointment because of the rig count we’ve seen. It’s yet to really have an impact.”
Rig Count
The U.S. oil rig count fell to 668 last week, the lowest level since 2010, according to Baker Hughes Inc.
Crude stockpiles decreased by 2.19 million last week to 484.8 million. Analysts surveyed by Bloomberg had forecast a drop of 250,000. Stockpiles at Cushing, Oklahoma, the delivery point for WTI futures, slid by 990,000 to 60.68 million.
The American Petroleum Institute was said to report yesterday that inventories dropped by 2 million barrels and Cushing supplies fell by 827,000, according to ForexLive.
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