Decline of Oil Imports led to biggest draw against inventories for the year

Via EIA

A decline in oil imports made for the year's biggest draw of 7.3 million barrels in the November 12 week to 357.6 million. Imports averaged 7.9 million barrels per day, down 0.8 million barrels from the prior week for the lowest level since January.


There were also large draws on the product side with gasoline down 2.7 million barrels to 207.7 million and distillates down 1.1 million to 158.8 million. Imports of both were also down in the week. Demand is steady, at 9.1 million barrels per day for gasoline and 4.1 million per day for distillates for respective on-year gains of 1.8 percent and 13.9 percent. Production data show refineries operating at 84.0 percent of capacity, for a slight increase in the week. Refineries produced slightly less gasoline in the week, at 8.9 million barrels per day, and slightly more distillates at 4.3 million.

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