U.S. crude stocks drop, fuel inventories up - EIA, January 10, 2018

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This week, the API reported another build in gasoline inventories of 4.338 million barrels for the week ending January 5.

Shipments to the USA may be limited by railroad companies that want long-term contracts for crude oil shipments before providing more rail capacity from Canada, Reuters said.

U.S. crude oil production is expected to surpass 10 million barrels per day (bpd) next month, en route to an all-time record months ahead of previous forecasts, the U.S. Energy Information Administration said Tuesday.

That would match the all-time monthly record of 10.04 million bpd set in November 1970; oil production declined after that as the United States increasingly relied on imported crude.

The American Petroleum Institute (API) reported a staggeringly large draw of 11.19 million barrels of United States crude oil inventories for the week ending January 5. The 10 million-bpd milestone previously had not been expected to be reached until the fourth quarter.

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Oil buoyed by drop in number of US drilling rigs

US crude oil stocks fell last week while gasoline and distillate inventories rose more than anticipated, the Energy Information Administration said on Wednesday.

"There must be a special factor at play, perhaps the extreme winter weather in North Dakota, which hampered shale oil production in the Bakken", said Carsten Fritsch, oil analyst at Commerzbank AG in Frankfurt, Germany. Regional summer price spikes can not be precisely predicted.The agency expects gasoline demand in 2018 to total about 9.3 million barrels a day this year, a level that would surpass all-time records set last year.

Refinery crude runs fell 285,000 bpd as utilization rates fell by 1.4 percentage points to 95.3 percent of total capacity, EIA data showed. At the same time, US refiners export both diesel fuel and gasoline as well as crude.

The EIA is out with its latest U.S. oil production estimates.

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