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Crude Oil Stocks Change in the US was -9.4 million barrels in the week ending August 28th, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday, compared to analysts estimate of -1.9 million barrels.

Market reaction

The barrel of West Texas Intermediate (WTI) pulled away from daily lows after this data and was last seen losing 0.6% on the day at $42.70. 

Additional takeaways

“US crude oil refinery inputs averaged 13.9 million barrels per day during the week ending August 28, 2020, which was 0.8 million barrels per day less than the previous week’s average.” 

“US crude oil imports averaged 4.9 million barrels per day last week, decreased by 1.0 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 15.9% from the same period last year.” 

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5

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