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  • Crude oil inventories declined unexpectedly last week in US.
  • WTI continues to trade in negative territory below $37.

Commercial crude oil inventories in the United States fell by 2.1 million barrels in the week ending May 29th, the Energy Information Administration (EIA) announced on Wednesday. This reading came in lower than the market expectation for an increase of 3.03 million barrels.

Market reaction

Crude oil prices recovered modestly after this data and the barrel of West Texas Intermediate was last seen losing 0.6% on the day at $36.65.

Additional takeaways

“US crude oil refinery inputs averaged 13.3 million barrels per day during the week ending May 29, 2020 which was 316,000 barrels per day more than the previous week’s average.”

“Total products supplied over the last four-week period averaged 16.1 million barrels a day, down by 19.4% from the same period last year.”

“Over the past four weeks, motor gasoline product supplied averaged 7.2 million barrels a day, down by 22.5% from the same period last year.”