Home US: EIA Crude Oil Stocks decrease by 0.4 million barrels, WTI clings to gains above $66
FXStreet News

US: EIA Crude Oil Stocks decrease by 0.4 million barrels, WTI clings to gains above $66

Crude Oil Stocks Change in the US was -0.4  million barrels in the week ending May 7, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts’ estimate was for a decrease of 2.8  million barrels.

Market reaction

Crude oil prices continue to edge higher after this report and the barrel of West Texas Intermediate was lat seen gaining 1.65% on the day at $66.50.

Additional takeaways

“US  crude oil refinery inputs averaged 15.0 million barrels per day during the week ending May  7, 2021, which was 223,000 barrels per day less than the previous week’s average.”  

“US  crude oil imports averaged 5.5 million barrels per day last week, up by 37,000 barrels per day from the previous week.”

“Total products supplied over the last four-week period averaged 19.1 million barrels a day, up by 23.0% from the same period last year.”

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.