Crude oil imports decreased by 13.8% during 3Q 2020

Crude oil imports decrease 13%

U.S. crude oil imports decreased 13.8% during these last four weeks, compared with the previous year’s same period, Energy Information Administration (EIA) informed today.

During this last week, crude oil imports averaged 5.1 million barrels per day, 3.3% less than the previous week.

This data comes with a series of downwards the industry has faced during the last quarter of the year, as oil prices still struggle to go up, stuck at an average of $40 per barrel, and weekend demand.

The EIA report also informs that the refineries operated at 72.9% of their operable capacity last week. They averaged 13 million barrels in their inputs, which is slightly less (0.6 million barrels per day) than the previous week’s average.

There were also decreases for the commercial crude oil inventories; 1 million barrels less than the week before; nevertheless, they account 4888.1 million barrels, which is 10% above the five-year average for this time of year.

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Crude oil down, inventories up

It would be good news if it weren’t for the rise of covid-19 disease cases, which has led to the potential for more lockdowns and economic shuts, that may impede energy demand.

In this context, motor engine gasoline inventories are 2% above compared to the last five-year average; finished gasoline and blending components are 19% above, and Propane/propylene is 11% above.

About the report, Lukman Otunuga, senior research analyst at FXTM, said that this data is “relevant for the market”.

However, oil prices remain more concerned with rising coronavirus cases across the globe and demand-side fears; a move back below $40 could re-open the doors towards $38″.

Meanwhile, the seven day average of new coronavirus infections reached 59,000 on October 20. The highest level since August 4, according to data from Covid Tracking Project.

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