Commercial crude oil inventories in the U.S. declined by 3.2 million barrels in the week ending Aug. 13, the weekly report released by the US Energy Information Administration (EIA). Analysts’ estimate was for a 1 million barrel drop.
Market reaction
Crude oil prices struggle to gain traction after this report and the barrel of West Texas Intermediate (WTI) it was last seen trading sideways on the day at $ 66.55.
Additional declarations
“Total motor gasoline inventories increased 0.7 million barrels last week and are about 3% below the five-year average for this time of year.”
“Inputs from US crude oil refineries averaged 16 million barrels per day during the week ending August 13, 2021.”
“Total products supplied during the last four-week period averaged 20.8 million barrels per day, 13.2% more than in the same period last year.”
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