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Crude Oil Stocks Change in the US was -4.5 million barrels in the week ending August 7th, 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 3.2 million barrels.

Market reaction

Crude oil prices continue to push higher after this report and the barrel of West Texas Intermediate was last seen gaining 2.2% on the day at $42.50.

Additional takeaways

“US crude oil refinery inputs averaged 14.7 million barrels per day during the week ending August 7, 2020, which was 21,000 barrels per day more than the previous week’s average.”

“US crude oil imports averaged 5.6 million barrels per day last week, down by 389,000 barrels per day from the previous week.”

“Total products supplied over the last four-week period averaged 18.5 million barrels a day, down by 14.3% from the same period last year.” 

“Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 10.2% from the same period last year.”