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Crude Oil Stocks Change in the US was -7.3  million barrels in the week ending June 11, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts’ estimate was for a decrease of 3.3  million barrels.

Market reaction

Crude oil prices edged modestly higher after this report and the barrel of West Texas Intermediate was last seen trading flat on the day at $72.45.  

Additional takeaways

“US  crude oil refinery inputs averaged 16.3 million barrels per day during the week ending June 11, 2021, which was 412,000 barrels per day more than the previous week’s average.”

“US  crude oil imports averaged 6.7 million barrels per day last week, up by 108,000 barrels per day from the previous week.”

“Total products supplied over the last four-week period averaged 19.3 million barrels a day, up by 17.4% from the same period last year.”