The Energy Department showed that US oil inventories fell by 6.307 million barrels

The decline was much larger than analysts’ expectations of a decrease of 2.1 million barrels.

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Sep 7, 2023 at 3:30 p.m – Updated 6 hours ago

The Energy Department said on Thursday (7) that oil inventories in the United States decreased by 6.307 million barrels in the week ending September 1, to 416.637 million barrels.

The decline was much larger than the forecast of 2.1 million barrels of analysts surveyed Wall Street Journal.

Gasoline inventories fell by 2.666 million barrels to 214.746 million barrels, compared to a lower forecast of 1.2 million barrels.

Distillate stocks rose by 679 thousand barrels to 118.602 million barrels, while it was expected to decrease by 200 thousand barrels.

Refinery occupancy rates in the United States fell from 93.3% in the previous week to 93.1% in the most recent week, according to the Energy Department. Expectations were for an increase of 93.4%.

Oil inventories at the Cushing Distribution Center decreased by 1.75 million to 27.415 million barrels. The country’s average daily oil production remained at 12.8 million.