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Crude Oil Stocks Change in the US was +2 million barrels in the week ending September 4th, the weekly report published by the US Energy Information Administration (EIA) revealed on Thursday. Analysts estimate was for a draw of 1.3 million barrels.

Market reaction

Crude oil’s reaction to this report was largely muted. As of writing, the barrel of West Texas Intermediate was down 0.2% on the day at $37.67.

Additional takeaways

“US crude oil refinery inputs averaged 12.8 million barrels per day during the week ending September 4, 2020, which was 1.1 million barrels per day less than the previous week’s average.” 

“US crude oil imports averaged 5.4 million barrels per day last week, increased by 0.5 million barrels per day from the previous week.”

“Total products supplied over the last four-week period averaged 18.1 million barrels a day, down by 16.0% from the same period last year.”