US: EIA Crude Oil Stocks decrease by 8 million barrels, WTI climbs higher toward $67

Eren Sengezer FXStreet

Crude Oil Stocks Change in the US was -8 million barrels in the week ending April 30, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts' estimate was for a decrease of 2.3 million barrels.

Market reaction

With the initial market reaction, crude oil prices continued to push higher. As of writing, the barrel of West Texas Intermediate (WTI) was trading at its highest level since early March at $66.60, rising 0.7% on a daily basis.

Additional takeaways

"US crude oil refinery inputs averaged 15.2 million barrels per day during the week ending April 30, 2021, which was 225,000 barrels per day more than the previous week’s average."

"US crude oil imports averaged 5.5 million barrels per day last week, decreased by 1.2 million barrels per day from the previous week."

"Total products supplied over the last four-week period averaged 19.8 million barrels a day, up by 34.2% 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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