Rapid drop in weekly US oil inventories

US crude oil inventories shrank rapidly during the latest reference week, despite a large increase in imports.

Commercial oil inventories fell by 6.5m barrels over the week ending on 15 December (consensus: -3.77m) to reach 436.5m, according to the Energy Information Administration, the Department of Energy's statistical arm.

However, those of gasoline rose by 1.2m b/d and those of distillates by 0.8m b/d.

In parallel, over the same week crude oil imports grew by 471,000 b/d to average 7.8m b/d, while domestic US oil ouput increased by 9,000 b/d to 9.789m b/d.

Refineries operated at 94.1% of their operating capacity last week, the EIA said.