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Crude Oil Stocks Change in the US was -6.6 million barrels in the week ending February 5, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts estimate was for an increase of 0.9 million barrels.

Market reaction

The barrel of West Texas Intermediate (WTI) edged slightly higher after this report and was last seen gaining 0.15% on the day at $58.45.

Additional takeaways

“US crude oil refinery inputs averaged 14.8 million barrels per day during the week ending February 5.”

“US crude oil imports averaged 5.9 million barrels per day last week, decreased by 0.7 million barrels per day from the previous week.”

“Total products supplied over the last four-week period averaged 19.5 million barrels a day, down by 5.8% from the same period last year.”