(updated)
A government report on Wednesday showed crude oil storage declined slightly in the U.S. Commercial crude inventories dropped by 6.6 million barrels from the previous week according to the announcement by the Energy Information Administration.
The decline included the amount of crude held in the Cushing oil hub in northern Oklahoma.
The EIA said at 469 million barrels, U.S. crude oil inventories are about 2% above the five-year average for this time of year.
Cushing’s amount of stored oil reportedly fell by 1.4 million barrels for the week.
The EIA report showed U.S. crude oil refinery inputs averaged 14.8 million barrels a day during the week ending Feb. 5, 2021 which was 152,000 barrels a day more than the previous week’s average. Last week, refineries operated at 83% of their operable capacity.
Crude oil imports averaged 5.9 million barrels a day last week, down 0.7 million barrels a day from the previous week. In the past month, crude oil imports averaged 5.9 million barrels a day, an amount that was 12% less than the same period a year ago.
(updated)
