(New York) Oil stocks fell significantly more than expected in the United States last week, according to data released Thursday by the United States Energy Information Administration (EIA), as a result of the acceleration of American refineries.
During the week ending May 24, these commercial reserves fell by 4.1 million barrels, while analysts only expected, on average, a drop of 1.15 million barrels, according to a consensus established by the Bloomberg agency.
This decline in crude stocks is mainly due to the increase in power of American refineries, which used 94.3% of their capacities, a jump compared to 91.7% the previous week.
This is the highest rate in more than nine months.
This data contrasts with the increase of two million barrels in gasoline stocks during the period considered, while analysts anticipated a contraction of 1.5 million barrels.
This boost from refineries also goes against the flow of volumes delivered to the American market, an implicit indicator of demand.
During the week of May 24, the total refined products put into circulation fell by 3% compared to the previous period. Gasoline deliveries, which are very popular, fell by 1.8%.
The evolution of demand in the United States is particularly scrutinized because the Memorial Day weekend (Monday was a holiday), which this year fell on May 25, 26 and 27, traditionally corresponds to the start of the travel season for United States, road and air.
Several leading indicators showed, last week, a sustained demand for gasoline, as this famous weekend approached.
The publication allowed black gold prices to erase part of their losses, without, however, going green.
Around 11:30 a.m., a barrel of American West Texas Intermediate (WTI) for delivery in July fell 0.46%, to $78.86.
Another element which, like the volumes delivered to the American market, would have justified a more modest reduction in stocks, or even an increase, was exports, which fell by almost 11%.