- EIA reported a larger-than-expected draw in US’ crude oil stocks.
- WTI climbs above $40.50 on following the EIA report.
Crude Oil Stocks Change in the US was -7.5 million barrels in the week ending July 10th, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. This reading came in higher than the market expectation for a decline of 2.1 million barrels.
Market reaction
Crude oil prices edged slightly higher on this data and the barrel of West Texas Intermediate (WTI) was last seen gaining 0.53% on the day at $40.65.
Additional takeaways
“US crude oil imports averaged 5.6 million barrels per day last week, decreased by 1.8 million barrels per day from the previous week.”
“Total products supplied over the last four-week period averaged 18.1 million barrels a day, down by 13.1% from the same period last year.”
“Over the past four weeks, motor gasoline product supplied averaged 8.6 million barrels a day, down by 8.8% from the same period last year.”
“Distillate fuel product supplied averaged 3.5 million barrels a day more than the past four weeks, down by 6.4% from the same period last year.”
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