Market news
08.07.2021, 15:17

EIA’s report reveals bigger-than-expected decrease in U.S. crude oil inventories

 The U.S. Energy Information Administration (EIA) reported on Thursday that crude inventories dropped by 6.866 million barrels in the week ended July 2, following a draw of 6.718 million barrels in the previous week. Economists had forecast a decrease of 4.033 million barrels.

At the same time, gasoline stocks plunged by 6.076 million barrels, while analysts had expected a fall of 2.176 million barrels. Distillate stocks rose by 1.616 million barrels, while analysts had forecast a build of 0.171 million barrels.

Meanwhile, oil production in the U.S. increased by 200,000 barrels a day to 11,300 million barrels a day.

U.S. crude oil imports averaged 5.9 million barrels per day last week, decreased by 0.5 million barrels per day from the previous week.

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