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Commercial crude oil inventories in the United States increased by 1.4 million barrels in the week ending June 19th, the Energy Information Administration (EIA) announced on Wednesday. This reading followed last week’s increase of 1.2 million barrels.

Market reaction

Crude oil prices fell sharply after this data. As of writing, the barrel of West Texas Intermediate (WTI) was down 2.4% on a daily basis at $39.

Additional takeaways

“US crude oil refinery inputs averaged 13.8 million barrels per day during the week ending June 19, 2020, which was 239,000 barrels per day more than the previous week’s average.”

“Total products supplied over the last four-week period averaged 17.1 million barrels a day, down by 17.0% from the same period last year.”

“Over the past four weeks, motor gasoline product supplied averaged 8.0 million barrels a day, down by 17.5% from the same period last year.”