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  • Crude oil stocks in the US rose by 15.2 million barrels. 
  • WTI clings to gains near $25 after data.

Commercial crude oil inventories in the United States increased by 15.2 million barrels in the week ending April 3rd, the Energy Information Administration announced in its Weekly Petroleum Status Report on Wednesday. This reading came in much higher than the market expectation for a buildup of 9.271 million barrels.

Additional takeaways

“US crude oil refinery inputs averaged 13.6 million barrels per day during the week ending April 3, 2020 which was 1.3 million barrels per day less than the previous week’s average.”

“Total products supplied over the last four-week period averaged 18.3 million barrels a day, down by 10.7% from the same period last year.”

“Over the past four weeks, motor gasoline product supplied averaged 7.6 million barrels a day, down by 19.2% from the same period last year.”

Market reaction 

The barrel of West Texas Intermediate’s reaction to these figures was largely muted. As of writing, the WTI was trading at $24.88, adding 2.6% on a daily basis.