The change in crude oil stocks in the US it was -3.8 million barrels in the week ending October 9, the weekly report released by the US Energy Information Administration (EIA) revealed Thursday. The analysts’ estimate was for a decrease of 2.8 million barrels.
Market reaction
Crude oil prices recovered modestly after this report, but remain in negative territory. At time of writing, a barrel of West Texas Intermediate was down 3% on the day at $ 39.88.
Additional conclusions
“Inputs to US crude refineries averaged 13.6 million barrels per day during the week ending October 9, 2020, which was 277,000 barrels per day less than the previous week’s average.”
“US crude imports averaged 5.3 million barrels per day last week, 447,000 barrels per day less than the previous week.”
“Total products supplied during the last four-week period averaged 18.4 million barrels per day, 12.6% less than in the same period last year.”
Credits: Forex Street
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