EIA Crude Oil Stocks decrease by 3.5 million barrels, WTI holds above $71.50

Commercial crude oil inventories in the US decreased by 3.5 million barrels in the week ending September 17, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. 

Market reaction

This report doesn’t seem to be having a significant impact on crude oil prices. As of writing, the barrel of West Texas Intermediate was up 1.15% on the day at $71.60.

Additional takeaways

“Total motor gasoline inventories increased by 3.5 million barrels last week and are about 3% below the five year average for this time of year.”

“US crude oil refinery inputs averaged 15.3 million barrels per day during the week ending September 17, 2021.”

“US crude oil imports averaged 6.5 million barrels per day last week, increased by 0.7 million barrels per day from the previous week.”

“Total products supplied over the last four-week period averaged 21.0 million barrels a day, up by 17.9% from the same period last year.”