US: EIA Crude Oil Stocks Change arrives at -5.9 million barrels, WTI rises above $62

Eren Sengezer FXStreet

Crude Oil Stocks Change in the US was -5.9 million barrels in the week ending April 9, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts' estimate was for a draw of 2.9 million barrels.

Market reaction

The barrel of West Texas Intermediate (WTI) continued to push higher after this report and was last seen gaining nearly 3% on the day at $62.25.

Additional takeaways

"US crude oil refinery inputs averaged 15.1 million barrels per day during the week ending April 9, 2021, which was 7,000 barrels per day more than the previous week’s average."

"US crude oil imports averaged 5.9 million barrels per day last week, down by 411,000 barrels per day from the previous week."

"Total products supplied over the last four-week period averaged 19.6 million barrels a day, up by 20.0% 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.

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