EIA Crude Oil Stocks decrease by 6.4 million barrels, WTI climbs above $73

Commercial crude oil inventories in the US decreased by 6.4 million barrels in the week ending September 10, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. 

Market reaction

With the initial reaction, crude oil prices extended the rally and the barrel of West Texas Intermediate (WTI) was last seen rising 3.3% on the day at $73.05.

Additional takeaways

“Total motor gasoline inventories decreased by 1.9 million barrels last week.”

“US crude oil refinery inputs averaged 14.4 million barrels per day during the week ending September 10, 2021, which was 85,000 barrels per day more than the previous week’s average.”

“US crude oil imports averaged 5.8 million barrels per day last week, down by 48,000 barrels per day from the previous week.”

“Total products supplied over the last four-week period averaged 21.1 million barrels a day, up by 16.9% from the same period last year.”