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Commercial crude oil inventories in the United States decreased by 7.2 million barrels in the week ending June 26th, the Energy Information Administration (EIA) announced on Wednesday. This reading followed last week’s increase of 1.4 million barrels and came in lower than the market expectation for a decline of 710,000.

Market reaction

Crude oil’s initial reaction to the data was mixed. As of writing, the barrel of West Texas Intermediate was down 0.53% on the day at $39.60.

Additional takeaways

“US crude oil refinery inputs averaged 14.0 million barrels per day during the week ending June 26, 2020, which was 193,000 barrels per day more than the previous week’s average.”

“Total products supplied over the last four-week period averaged 17.6 million barrels a day, down by 15.6% from the same period last year.”

“Over the past four weeks, motor gasoline product supplied averaged 8.2 million barrels a day, down by 15.0% from the same period last year.”