US crude stocks fell 7 million barrels the week ending December 27, data released Friday by the US Energy Information Administration showed. Crude stock draws this time of year are not uncommon, especially on the US Gulf Coast, where refiners typically run down inventories to limit their tax exposure. Refiners have lifted crude runs, in the process boosting production of distillates. As a result, US distillate stocks jumped 5 million barrels last week. You can see our analysis here.
EIA analysis: US crude stocks tumble as refiners limit tax exposure
By News Desk | January 3, 2014 04:36 PM Comments (1)