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Energy Preview: US Crude Oil Output Hits New Record
(17-Jan-2019, 09:25 Hours IST)
The US crude oil inventories decreased further last week, the Energy Information Administration or the EIA said in its weekly report on Wednesday. The EIA data showed that crude oil inventories fell by 2.68 million barrels in the week to January 11, after a decline of 1.68 million barrels in the previous week. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 743,000 barrels, EIA said. The EIA report also showed that gasoline inventories rose by 7.50 million barrels while distillate stockpiles increased by 2.97 million barrels. Net US crude imports fell last week by 1.22 million bpd while the US crude production rose by around 200,000 bpd to a new record of 11.9 million bpd.

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