US crude stocks drop for 4th week in a row

Crude oil inventories fell for the fourth week in a row in the United States, according to figures released Wednesday by the US Energy Information Agency (EIA).

During the week ended September 6, crude oil reserves fell 6.9 million barrels to 416.1 million, where analysts polled by Bloomberg expected a drop of 2.9 million barrels.

This drop above expectations is due in particular to a slight acceleration in the rate of refineries, which operated on average at 95.1%, against 94.8% the previous week, in their capacities, and by a drop in imports (6 725 million barrels per day against 6,904 mbd the previous week). 

Gasoline inventories fell 700,000 barrels, while analysts expected a decline of 1 million barrels. Reserves of other distilled products (heating oil and diesel) rose by 2.7 million barrels, where analysts predicted a drop of 900,000 barrels.

The price of a barrel of crude in New York, up slightly before the publication of the report, fell to 57.30 dollars (-0.1%) around 10:50.

Also scrutinized since they serve as a benchmark for the New York oil price, the WTI crude stocks at the Cushing (Oklahoma) terminal fell from 800,000 barrels to 39.3 million barrels.

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