EIA Crude Oil Stocks Rise 1.3 Million Barrels, WTI Trading Below $ 63

The change in crude oil stocks in the US was +1.3 million barrels in the week ending May 14, revealed on Wednesday the weekly report published by the US Energy Information Administration (EIA). The analysts’ estimate was for an increase of 1.6 million barrels.

Market reaction

Crude oil prices did not show an immediate reaction to this report and a barrel of West Texas Intermediate was last seen losing 3.6% on the day at $ 62.90.

Additional declarations

“Inputs from US crude oil refineries averaged 15.1 million barrels per day for the week ending May 14, 2021, which was 96,000 barrels per day more than the previous week’s average.”

“US crude oil imports averaged 6.4 million barrels per day last week, an increase of 0.9 million barrels per day from the previous week.”

“Total products supplied during the last four-week period averaged 19.2 million barrels per day, 19.1% more than in the same period last year.”

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