EIA: US crude oil inventories decreased by 8.5 million barrels

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The weekly report published by the U.S. Energy Information Administration showed that commercial crude oil inventories in the US decreased by 8.5 million barrels in the week ending July 26 compared to market expectation for a decline of 2.6 million barrels and provided a boost to crude oil prices.

As of writing, the barrel of West Texas Intermediate was up 0.4% on the day at $58.50.

Key takeaways from the publication (via Reuters)

“Weekly gasoline stocks off 1.79 million barrels to 230.74 million, vs forecast of 1.4 million barrels draw.”

“Weekly distillate stocks off 894,000 barrels to 135.92 million, vs forecast of 1.0 million barrels build.”

“US gasoline demand over the past 4 weeks 9.55 million barrels per day, down 1.3% from a year ago.”

“US distillate demand over the past 4 weeks 3.82 million barrels per day, down 2.9% from a year ago.”

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