US crude oil inventories decreased by 8 million barrels to 433.7 mmbbls in the week ended May 29, the Energy Information Administration said in its weekly report on Wednesday.
Crude inventories are now about 3% below the five-year average for this time of year, the EIA said.
(Updates to include additional details.)US weekly ethanol production rose, according to the US Energy Information Administration report on Wednesday.For the week ending May 29, US ethanol production averaged 1.11 million barrels per day, above last week's 1.09 mmb/d and unchanged from last year's 1.11 mmb/d.The four-week average output at 1.10 mmb/d was above 1.05 mmb/dd during the same time last year.Midwest ethanol production averaged 1.05 mmb/d, above 1.04 mmb/d the previous week. Four-week average output at 1.04 mmb/d, compared with 990,000 b/d a year ago.Domestic ethanol inventories ended the week at 24.6 million barrels, below 25 mmbbls a week ago and 24.4 mmbbls a year ago.
US weekly ethanol production rose, according to the US Energy Information Administration report on Wednesday.For the week ending May 29, US ethanol production averaged 1.11 million barrels per day, above last week's 1.09 mmb/d and unchanged from last year's 1.11 mmb/d.The four-week average output at 1.10 mmb/d was above 1.05 mmb/dd during the same time last year.
Kuwait's oil production could return to 70% of pre-war levels within six to eight weeks once the Strait of Hormuz reopens, with full output resuming in another month, multiple media outlets reported on Wednesday, citing Kuwait Petroleum's managing director for international marketing, Shaikh Khaled Ahmad Al-Sabah.Refinery operations, meanwhile, could return to normal levels within two to three weeks after the crisis ends, Al-Sabah reportedly said during the S&P Global Energy Middle East Petroleum and Gas Conference. KPC has about 1.4 million barrels per day of refining capacity.Resuming normal refinery production would be quicker than recovering hydrocarbon output, according to Investing.com.The Kuwait government was also in talks with "friendly countries" about potential pipeline projects, according to Al-Sabah, as cited by Reuters. The country would reportedly need a larger storage capacity at the same time.KPC did not immediately respond to' request for comment.Gulf refineries could ramp up to about 90% to 95% of capacity within 40 to 60 days, Reuters reported, citing Vitol Bahrain's head of research.Meanwhile, transit through the Strait could return to pre-war levels in mid-2027, Philippe Khoury reportedly said. He is Abu Dhabi National Oil's executive vice president for sales and trading.Toril Bosoni, the International Energy Agency's head of oil, as cited by the news agency, said that a best-case scenario would see a recovery in six to eight months after an agreement is reached.