U.S. crude stocks drop nine million bbls, record fall in output amid hurricane - EIA - Reuters:
U.S. crude oil and fuel stockpiles fell sharply last week as Hurricane Laura shut offshore production and refining facilities, the Energy Information Administration said on Wednesday.
Crude inventories fell by 9.4 million barrels in week to Aug. 28 to 498.4 million barrels, according to data, compared with analysts’ expectations in a Reuters poll for a 1.9 million-barrel drop.
That was driven by a record fall in production, which dropped by 1.1 million barrels per day to 9.7 million bpd, its lowest since January 2018, as most U.S. offshore facilities were shut as a precaution ahead of Laura.
Laura made landfall early Thursday, lashing the coast with high winds and causing numerous refineries to shut or reduce output.
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