EIA: US crude oil stocks decreased by 6.9 million barrels

Eren Sengezer FXStreet

The weekly report published by the US Energy Information Administration (EIA) revealed that commercial crude oil inventories in the US decreased by 6.9 million barrels in the week ending September 6 compared to analysts estimate for a draw of 2.6 million barrels.

Key takeaways from the press release

"Refineries operated at 95.1% of their operable capacity last week."

"Gasoline production increased last week, averaging 10.4 million barrels per day."

"Distillate fuel production increased last week, averaging 5.3 million barrels per day."

"Total products supplied over the last four-week period averaged 21.6 million barrels per day, up by 0.4% from the same period last year."

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.

EUR/USD weakens below 1.1700 as Middle East tensions drive US Dollar strength

The EUR/USD pair trades with mild losses around 1.1685, the lowest since late January, during the early Asian session on Tuesday. The US Dollar gathers strength against the Euro as escalating tensions in the Middle East boost safe-haven currencies. The preliminary reading of the Harmonized Index of Consumer Prices from the Eurozone will be published later on Tuesday.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold defends bids as US-Iran war continues to fuel safe-haven flows

Gold retains positive bias for the fifth consecutive day on Tuesday as rising geopolitical tensions in the Middle East continue to underpin safe-haven assets. However, a bullish US Dollar keeps the bullion below its highest level since late January, set on Monday, warranting caution before positioning for any further appreciation.