Stock of American Oil Crude Declined Sharply
American crude oil futures in New York increased by over 1%, and the price of crude oil reached as high as 101.39 USD per barrel on Wednesday. This is mainly caused by statistics shown by Energy Information Administration (hereinafter referred to as EIA). The reports disclosed that inventory of oil crude declined sharply last week, while at the same time use ratio of refinery rise to the highest level in past 9 years.
According to EIA’s statistics report declared in 16th July, 2014, American inventory of oil crude decreased by 752.50 thousand barrels from July 6 to 11. To the contrary, stock of gasoline and refined oil increased by 17.1 thousand barrels and 252.8 thousand barrels respectively in the same period. In that week, use ratio of refinery greatly grew by 2.2% to 93.8%.
American Petroleum institute, or API, also disclosed a related report in July 15. The statistic displayed that inventory of crude oil in America has declined continuously for three weeks, with little shrink of gasoline inventory and growth of refinery oil inventory.
On the basis of API’s data report, American inventory of crude oil last week decreased by 4,800 thousand barrels, and that of gasoline decreased by 1,600 thousand barrels. However, the inventory rise by 1,300 thousand barrels.
NYMEX crude oil futures rose by 0.30 USD in short terms and returned to over100 USD.
All these changed after the publication of EIA data in 16th July.
EIA statistic also show that, stock of oil crude at Cushing in Oklahoma decreased by 650 thousand barrels to 20,300 thousand barrels last week. Tim Evans, an energy analyst from Citi Group said that, “last week, the use ratio of refinery rose sharply, which lead to plunge in inventory of oil crude. Besides, Cushing’s inventory fell back again. This provides support for price of American oil crude. "