EIA Crude Oil Stocks decrease by 7.2 million barrels, WTI trades below $68

Commercial crude oil inventories in the US decreased by 7.2 million barrels in the week ending August 27, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts’ estimate was for a decrease of 2.8 million barrels.

Market reaction

Crude oil prices recovered modestly after this report but continue to trade in the negative territory. As of writing, the barrel of West Texas Intermediate was down 1.5% on the day at $67.50.

Additional takeaways

“Total motor gasoline inventories increased by 1.3 million barrels last week and are about 2% below the five year average for this time of year.”

“US crude oil refinery inputs averaged 15.9 million barrels per day during the week ending August 27.”

“US crude oil imports averaged 6.3 million barrels per day last week, up by 183,000 barrels per day from the previous week.”

“Total products supplied over the last four-week period averaged 21.4 million barrels a day, up by 17.1% from the same period last year.”