The change in crude oil stocks in the US. it was -7.9 million barrels in the week ending July 9, the weekly report released by the US Energy Information Administration (EIA) revealed on Wednesday. The analysts’ estimate was for a decrease of 4.4 million barrels.
Market reaction
Crude oil prices came under new selling pressure after this report and a barrel of West Texas Intermediate (WTI) was last seen to lose 2% on the day at $ 73.70.
Additional declarations
“Total motor gasoline inventories increased by 1.0 million barrels last week and are about 1% below the five-year average for this time of year.”
“Inputs to US crude oil refineries averaged 16.1 million barrels per day for the week ending July 9, 2021, which was 22,000 barrels per day less than the previous week’s average.”
“Total products supplied during the last four-week period averaged 20.6 million barrels per day, 14.1% more than in the same period last year.”
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