US: EIA Crude Oil Stocks decrease by 5.2 million barrels, WTI holds above $70
|Crude Oil Stocks Change in the US was -5.2 million barrels in the week ending June 4, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts' estimate was for a decrease of 2 million barrels.
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 little changed on the day at $70.10.
Additional takeaways
"US crude oil refinery inputs averaged 15.9 million barrels per day during the week ending June 4, 2021, which was 327,000 barrels per day more than the previous week’s average."
"US crude oil imports averaged 6.6 million barrels per day last week, increased by 1.0 million barrels per day from the previous week."
"Total products supplied over the last four-week period averaged 19.0 million barrels a day, up by 16.7% from the same period last year."
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