Commercial crude oil inventories in the US decreased by 3.2 million barrels in the week ending August 13, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts' estimate was for a decrease of 1 million barrels.
Market reaction
Crude oil prices struggle to gain traction after this report and the barrel of West Texas Intermediate (WTI) was last seen trading flat on the day at $66.55.
Additional takeaways
"Total motor gasoline inventories increased by 0.7 million barrels last week and are about 3% below the five year average for this time of year."
"US crude oil refinery inputs averaged 16.0 million barrels per day during the week ending August 13, 2021."
"Total products supplied over the last four-week period averaged 20.8 million barrels a day, up by 13.2% from the same period last year."
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