Search ForexCrunch

Crude Oil Stocks Change in the US was +4.3 million barrels in the week ending October 23rd, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts estimate was for an increase of 1.2 million barrels.

Market reaction

Crude oil prices pushed lower with the initial reaction to the EIA’s weekly report and the barrel of West Texas Intermediate (WTI) was last seen losing 4.1% on the day at $37.33.

Additional takeaways

“US crude oil refinery inputs averaged 13.4 million barrels per day during the week ending October 23, 2020, which was 363,000 barrels per day more than the previous week’s average.”

“US crude oil imports averaged 5.7 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 18.9 million barrels a day, down by 11.3% from the same period last year.”