- Weekly EIA data showed a smaller-than-expected draw in US crude oil stocks.
- Crude oil prices edged higher with the initial reaction to the EIA report.
Crude Oil Stocks Change in the US was -1.6 million barrels in the week ending August 14th, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. This reading came in lower than the market expectation for a decrease of 2.7 million barrels.
Market reaction
Crude oil prices edged higher after this data and the barrel of West Texas Intermediate was last seen gaining 0.45% on a daily basis at $42.70.
Additional takeaways
“U.S. crude oil refinery inputs averaged 14.5 million barrels per day during the week ending August 14, 2020, which was 171,000 barrels per day less than the previous week’s average.”
“US crude oil imports averaged 5.7 million barrels per day last week, up by 109,000 barrels per day from the previous week.”
“Total products supplied over the last four-week period averaged 18.4 million barrels a day, down by 14.3% from the same period last year.”
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