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Crude Oil Stocks Change in the US was -7.4 million barrels in the week ending July 31st, 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 million barrels.

Market reaction

Crude oil prices edged slightly higher with the initial reaction. As of writing, the barrel of West Texas Intermediate was trading at $43.37, gaining 4.5% on a daily basis.

Additional takeaways

“US crude oil refinery inputs averaged 14.6 million barrels per day during the week ending July 31, 2020, which was 42,000 barrels per day more than the previous week’s average.”

“US crude oil imports averaged 6.0 million barrels per day last week, increased by 0.9 million barrels per day from the previous week.”

“Total products supplied over the last four-week period averaged 18.3 million barrels a day, down by 13.5% from the same period last year.” 

“Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 9.1% from the same period last year.”