US: EIA Crude Oil Stocks decrease by 0.4 million barrels, WTI trades below $68

Eren Sengezer FXStreet

Commercial crude oil inventories in the US decreased by 0.4 million barrels in the week ending August 6, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts' estimate was for a decrease of 1.2 million barrels.

Market reaction

Crude oil prices remain on the back foot after this report and the barrel of West Texas Intermediate was last seen losing 1.5% on a daily basis at $67.45.

Additional takeaways

"Total motor gasoline inventories decreased by 1.4 million barrels last week."

"US crude oil refinery inputs averaged 16.2 million barrels per day during the week ending August 6, 2021, which was 277,000 barrels per day more than the previous week’s average."

"US crude oil imports averaged 6.4 million barrels per day last week, down by 36,000 barrels per day from the previous week."

"Total products supplied over the last four-week period averaged 20.6 million barrels a day, up by 11.3% 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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