The change in crude oil stocks in the US was -8 million barrels in the week ending October 30, revealed on Wednesday the weekly report published by the US Energy Information Administration (EIA). The analysts’ estimate was for an increase of 0.9 million barrels.
Market reaction
The barrel of West Texas Intermediate it rose slightly after this report and was last seen gaining 1.65% on the day at $ 38.75.
Additional conclusions
“Inputs to US crude oil refineries averaged 13.6 million barrels per day for the week ending October 30, 2020, which was 163,000 barrels per day more than the previous week’s average.”
“US crude oil imports averaged 5.0 million barrels per day last week, down 0.6 million barrels per day from the previous week.”
“Total products supplied during the last four-week period averaged 18.9 million barrels per day, 10.9% less than in the same period last year.”
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Credits: Forex Street
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