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U.S. Oil Inventories Drop as Gasoline and Distillates Rise
The article addressed the decline in crude oil inventories in the United States, which fell by 391,000 barrels to 424.1 million barrels for the week ending September 4, despite expectations of a decrease of 1.55 million barrels. Additionally, stocks at the Cushing hub decreased by 684,000 barrels. Data showed that U.S. oil imports increased by 1.12 million barrels per day, while exports declined by 1.1 million barrels per day. Nigeria’s imports reached their highest level in over a year. Moreover, gasoline inventories rose by 1.27 million barrels to 206.9 million barrels, and distillate inventories (diesel and heating oil) increased by 2.09 million barrels to 106.3 million barrels. Futures prices for oil climbed following the report, supported by strong refining activity.
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