Crude prices fell as US production rose to near record levels and demand looked to be waning ahead of the start of the refinery maintenance season. Atlantic basin benchmark North Sea Dated fell by $1.99/bl to $68.53/bl in the week to 1 February, while US marker March WTI rose by nearly 30￠/bl to $65.80/bl. US crude stocks rose by 7mn bl to 418mn bl in the week to 26 January amid a drop in refinery runs and steady production, EIA data show. The build marked the first rise since early November, when stocks were around 457mn bl. US refiners processed 16mn b/d in the week to 26 January, down by 470,000 b/d from a week earlier. Gulf coast runs were just 8.3mn b/d, down by almost 560,000 b/d - the biggest drop since Hurricane Harvey hit the region in August. US runs have fallen by around 1.5mn b/d since the start of January. US output rose by just over 40,000 b/d to about 9.92mn b/d in the week to 26 January.
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