US: EIA Crude Oil Stocks fall by 0.24M barrels versus expected 1.705M barrel draw

Crude oil stocks saw a smaller than expected draw of only 0.24M barrels.
Oil prices slipped as a result, with WTI dipping under $72.00.

Joel Frank Independent Analyst

Commercial crude oil inventories in the US fell by 0.24 million barrels in the week ending December 3, a weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. This was less than the expected draw of 1.705 million barrels.

Distillate stocks saw a larger than expected build of 2.7M barrels (forecasts were for a 1.6M barrel build). Gasoline stocks also saw a larger than expected build of 3.9M barrels (forecasts were for a 1.8M barrel build).

Market Reaction

Oil prices dipped lower in response to the smaller than expected headline draw and big gasoline and distillate inventory build. WTI slipped back under $72.00.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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