US: EIA Crude Oil Stocks decrease by 1.7 million barrels, WTI trades below $66

Eren Sengezer FXStreet

Crude Oil Stocks Change in the US was -1.7 million barrels in the week ending May 21, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts' estimate was for a decrease of 1.05 million barrels.

Market reaction

With the initial reaction, the barrel of West Texas Intermediate (WTI) recovered modestly from daily lows and was last seen losing 0.3% on the day at $65.80.

Additional takeaways

"US crude oil refinery inputs averaged 15.2 million barrels per day during the week ending May 21, 2021, which was 123,000 barrels per day more than the previous week’s average."

"US crude oil imports averaged 6.3 million barrels per day last week, down by 138,000 thousand 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 18.1% 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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