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Crude Oil Stocks Change in the US was -8 million barrels in the week ending October 30th, 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 edged higher after this report and was last seen gaining 1.65% on the day at $38.75.

Additional takeaways

“US crude oil refinery inputs averaged 13.6 million barrels per day during the week ending October 30, 2020, which was 163,000 barrels per day more than the previous week’s average.”

“US crude oil imports averaged 5.0 million barrels per day last week, decreased by 0.6 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 10.9% from the same period last year.”