The Weekly Petroleum Status Report provides information on supply and selected prices of crude oil and principal petroleum products. It provides the industry, press, planners, policymakers, consumers, analysts, and State and local governments with a ready, reliable source of current information.
Crude oil can suddenly increase in price when inventories are falling, and when inventories are rising, it is expected that prices would fall.
The EIA Petroleum Status Report highlight today show that U.S. crude oil imports averaged 7.6 million barrels per day last week, down by 2.3 million barrels per day from the previous week.
U.S. crude oil refinery inputs averaged 14.6 million barrels per day during the week ending September 21, 292 thousand barrels per day below the previous week’s average.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.4 million barrels from the previous week. At 365.2 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year Total products supplied over the last four-week period have averaged 18.4 million barrels per day, down by 3.4 percent compared to the similar period last year.
Crude oil is currently lost 281 point to $88.85. The report, in general highlight that USA oil inventories are high. The next level of support could Conservatively be expected at around $84 to $85.