Crude Oil Stocks Change in the US was -3.8 million barrels in the week ending October 9th, the weekly report published by the US Energy Information Administration (EIA) revealed on Thursday. Analysts estimate was for a decrease of 2.8 million barrels.
Market reaction
Crude oil prices recovered modestly after this report but remain deep in the negative territory. As of writing, the barrel of West Texas Intermediate was down 3% on the day at $39.88.
Additional takeaways
“US crude oil refinery inputs averaged 13.6 million barrels per day during the week ending October 9, 2020, which was 277,000 barrels per day less than the previous week’s average.”
“US crude oil imports averaged 5.3 million barrels per day last week, down by 447,000 barrels per day from the previous week.”
“Total products supplied over the last four-week period averaged 18.4 million barrels a day, down by 12.6% from the same period last year.”
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