U.S. crude stocks down 3.8M barrels last week, defying calls for build - EIA
The organization responsible for national energy information shared on Wednesday that fuel stocks had increased, while crude oil inventories decreased by 3.8 million barrels. This was unexpected as experts had predicted an increase in inventory. In light of this information, traders were attempting to determine the level of demand during the peak travel season.
According to the Weekly Petroleum Status Report released by the Energy Information Administration (EIA), the volume of oil available decreased by 3.831 million barrels during the week that ended on June 16.
According to a recent analysis by Investing.com, experts in the industry had predicted that there would only be an increase of 1.873 million barrels in the latest week.
During the week before June 9th, there was an increase of 7.919 million barrels in crude oil reserves.
The EIA announced a rise in oil reserves, but it came with a predictable note: The U.S. Strategic Petroleum Reserve released 1.7 million barrels, which means the actual decrease in inventory would have been 5.5 million barrels if this hadn't happened.
Fuel Demand At Highest In A Week Since December
The EIA released a report stating that there was a 0.479M barrel increase. This was lower than what experts predicted which was a 1.091M barrel rise due to the 2.108M barrel increase last week. Automotive gasoline remains the highest selling fuel in the United States.
Regarding , the EIA has stated that there was an increase of 0.433M barrels. The analysts expected a decrease of only 1,000 barrels last week after a previous increase of 2.123M. Distillates are processed into various fuels such as diesel for transportation vehicles, including trucks, buses, trains, and ships, as well as fuel for airplanes.
Last week's EIA report showed that the total amount of fuel products supplied to the market reached 20.925 million barrels. This is slightly higher compared to the previous week, which only reached 20.408 million barrels.
According to the records kept by the organization, that was the most elevated it has been since December.
