EIA: US crude oil inventories decreased by 8.5 million barrels

Eren Sengezer FXStreet

The weekly report published by the U.S. Energy Information Administration showed that commercial crude oil inventories in the US decreased by 8.5 million barrels in the week ending July 26 compared to market expectation for a decline of 2.6 million barrels and provided a boost to crude oil prices.

As of writing, the barrel of West Texas Intermediate was up 0.4% on the day at $58.50.

Key takeaways from the publication (via Reuters)

"Weekly gasoline stocks off 1.79 million barrels to 230.74 million, vs forecast of 1.4 million barrels draw."

"Weekly distillate stocks off 894,000 barrels to 135.92 million, vs forecast of 1.0 million barrels build."

"US gasoline demand over the past 4 weeks 9.55 million barrels per day, down 1.3% from a year ago."

"US distillate demand over the past 4 weeks 3.82 million barrels per day, down 2.9% from a year ago."

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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