- Weekly EIA data showed a bigger-than-expected draw in US crude oil stocks.
- WTI clings to daily gains near mid-$43s after the report.
Crude Oil Stocks Change in the US was -4.7 million barrels in the week ending August 21st, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday, compared to analysts estimate of -3.7 million barrels.
Market reaction
Crude oil’s initial reaction to this data was largely muted. As of writing, the barrel of West Texas Intermediate (WTI) was up 0.6% on the day at $43.60.
Additional takeaways
“US crude oil refinery inputs averaged 14.7 million barrels per day during the week ending August 21, 2020, which was 225,000 barrels per day more than the previous week’s average.”
“US crude oil imports averaged 5.9 million barrels per day last week, up by 185,000 barrels per day from the previous week.”
“Total products supplied over the last four-week period averaged 18.5 million barrels a day, down by 14.6% from the same period last year.”
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