Commercial crude oil inventories in the United States increased by 1.2 million barrels in the week ending June 12th, the Energy Information Administration (EIA) announced on Wednesday. This reading came in higher than the market expectation for a decrease of 0.15 million barrels.
Market reaction
The barrel of West Texas Intermediate pared its daily losses and turned flat on the day near $38 after this data.
Additional takeaways
“US crude oil refinery inputs averaged 13.6 million barrels per day during the week ending June 12, 2020, which was 116,000 barrels per day more than the previous week’s average.”
“Total products supplied over the last four-week period averaged 16.5 million barrels a day, down by 20.4% from the same period last year.”
“Over the past four weeks, motor gasoline product supplied averaged 7.6 million barrels a day, down by 20.9% from the same period last year.”
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