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  • Crude oil inventories in the US declined less than expected last week.
  • WTI edged higher toward $40 after the EIA data.

Crude Oil Stocks Change in the US was -1.6 million barrels in the week ending September 18th, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts estimate was for a decrease of 2.3 million barrels.

Market reaction

Crude oil prices edged slightly higher after this report and the barrel of West Texas Intermediate (WTI) was last seen gaining 0.55% on a daily basis near $40.

Additional takeaways

“US crude oil refinery inputs averaged 13.4 million barrels per day during the week ending September 18, 2020, which was 119,000 barrels per day less than the previous week’s average.”

“US crude oil imports averaged 5.2 million barrels per day last week, up by 160,000 barrels per day from the previous week.”

“Total products supplied over the last four-week period averaged 17.8 million barrels a day, down by 15.9% from the same period last year.”