U.S. crude oil inventories tumbled by 8 million barrels last week, giving oil prices a boost Wednesday morning.
The nation's commercial oil inventories — which doesn't include the amount in the strategic petroleum reserve — dropped to 485.5 million barrels for the week ended Jan. 1 from 493.5 million barrels the previous week. The decline helped boost the price of West Texas Intermediate, the U.S. benchmark, by more than 1 percent to about $50.40 at midmorning.
Despite the inventory decline, the country has about 9 percent more crude on hand than the five-year average for this time of year, the Energy Information Administration said. Gasoline inventories increased by 4.5 million barrels last week and are at the five year average for this time of year.
Refineries took in an average of 14.4 million barrels a day last week, nearly 90,00 barrels a day more than during the previous period, the EIA said. The increase boosted operations to about 81 percent of capacity, even as gasoline production dipped to an average of 8 million barrels a day.
The amount of jet fuel supplied dropped by 300,000 barrels a day to 917,000 barrels as the airline industry continues to battle effects of the ongoing pandemic's travel restrictions. Supplied jet fuel is down nearly 700,000 barrels a day compared with the same week a year ago.
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January 06, 2021 at 11:26PM
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Falling crude inventories boost oil over $50 - Houston Chronicle
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