EIA Crude Oil Stocks Increase by 2.1 Million Barrels, WTI Stays Above $ 69

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The change in crude oil stocks in the US was +2.1 million barrels in the week ending July 16, revealed on Wednesday the weekly report published by the US Energy Information Administration (EIA). The analysts’ estimate was for a decrease of 4.6 million barrels.

Market reaction

Crude oil prices did not show an immediate reaction to this report and a barrel of West Texas Intermediate (WTI) was last seen rising 4.75% on the day to $ 69.55.

Additional declarations

“Total motor gasoline inventories decreased 0.1 million barrels last week and are on the five-year average for this time of year.”

“Inputs from US crude oil refineries averaged 16.0 million barrels per day for the week ending July 16, 2021, which was 87,000 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, 15% more than in the same period last year.”

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