US: EIA Crude Oil Stocks decrease by 0.4 million barrels, WTI clings to gains above $66

Eren Sengezer FXStreet

Crude Oil Stocks Change in the US was -0.4 million barrels in the week ending May 7, 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 continue to edge higher after this report and the barrel of West Texas Intermediate was lat seen gaining 1.65% on the day at $66.50.

Additional takeaways

"US crude oil refinery inputs averaged 15.0 million barrels per day during the week ending May 7, 2021, which was 223,000 barrels per day less than the previous week’s average."

"US crude oil imports averaged 5.5 million barrels per day last week, up by 37,000 barrels per day from the previous week."

"Total products supplied over the last four-week period averaged 19.1 million barrels a day, up by 23.0% 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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