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US crude stocks rise after storm: EIA

07 Sep 2017 16:37 (+01:00 GMT)
US crude stocks rise after storm: EIA

Houston, 7 September (Argus) — US crude stocks rose by 4.6mn bl last week to 462.4mn bl as refinery runs and exports plummeted in the wake of Hurricane Harvey, according to the Energy Information Administration (EIA).

It marked the first weekly build after nine weeks of declines.

US refiners processed 14.5mn b/d in the week ended 1 September, down by 3.3mn b/d from the previous week as refineries shut down because of Hurricane Harvey which hit the Texas coast on 25 August and lingered for days causing widespread flooding. Refineries operated at 79.7pc of capacity.

The storm also caused ports, marine terminals and pipelines to shut down.

As such, crude exports last week dropped by 749,000 b/d to 153,000 b/d.

Imports also saw a major decline, falling by 822,000 b/d to 7.1mn b/d. Over the last four weeks, crude imports averaged 8mn b/d or 2.8pc below the same period last year.

Domestic oil production also declined, falling by 749,000 b/d to 8.8mn b/d, reflecting Hurricane-related shut downs both offshore and in south Texas.

Stocks at Cushing, Oklahoma, rose by 797,000 bl to 58mn bl, in a second week of builds.

In refined products, total US gasoline inventories last week fell by 3.2mn bl to 226.7mn bl. Total distillate fuel stocks eased by 1.4mn bl at 147.8mn bl.