Commercial crude oil inventories in the United States decreased by 0.7 million barrels in the week ending May 8th, the Energy Information Administration (EIA) announced on Wednesday. This reading came in lower than the market expectation for an increase of 4.1 million barrels.
Market reaction
Crude oil prices shot higher on this data and the barrel of West Texas Intermediate was last seen up 3% on the day at $26.65.
Additional takeaways
“US crude oil refinery inputs averaged 12.4 million barrels per day during the week ending May 8, 2020, which was 0.6 million barrels per day less than the previous week’s average.”
“Total products supplied over the last four-week period averaged 15.5 million barrels a day, down by 22.8% from the same period last year.”
“Over the past four weeks, motor gasoline product supplied averaged 6.3 million barrels a day, down by 33.0% from the same period last year.”
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