Refineries Maintain High Output US Crude Oil Inventories May Fall By 2.7 Million Barrels Last Week

According to reports, the S&P global cFlow analysis on Monday showed that US crude oil inventories may fall by 2.7 million barrels last week as refineries have maintained high production.

Platts Energy analysts expect the refinery's mining volume to remain at 96.4% last week, which is in line with capacity. According to the US Energy Information Administration, as of August 2, the net daily production of US crude oil was 17.8 million barrels, a year-on-year increase of more than the five-year average, mainly driven by the growth of crude oil production in the US Gulf Coast and the Midwest.

Refining margins have fallen this month, but they are still enough to encourage refiners to maintain high levels of operations. According to Platts data, USGC Mars coking margins averaged $8.48 per barrel to date, and WTI margins averaged $11.87 per barrel.

The supply of 2.7 million barrels of crude oil will bring US crude oil inventories to 436.2 million barrels, about 2.5% higher than the five-year average. Crude oil inventories usually fall at this time of the year and enter the autumn refinery maintenance season, which is expected to peak in October.