Commercial crude oil inventories in the U.S. declined by 0.4 million barrels in the week ending Aug. 6, the weekly report released by the U.S. Energy Information Administration (EIA) revealed on Wednesday. . The analysts’ estimate was for a decrease of 1.2 million barrels.
Market reaction
Crude oil prices remain bearish after this report and a barrel of West Texas Intermediate was last seen losing 1.5% on the day at $ 67.45.
Featured statements
“Total motor gasoline inventories decreased by 1.4 million barrels last week.”
“Inputs to US crude oil refineries averaged 16.2 million barrels per day for the week ending August 6, 2021, which was 277,000 barrels per day more than the previous week’s average.”
“US crude oil imports averaged 6.4 million barrels per day last week, 36,000 barrels per day less than the previous week.”
“Total products supplied during the last four-week period averaged 20.6 million barrels per day, 11.3% more than in the same period last year.”
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