Key facts
- US crude oil inventories decreased by 7,974,000 barrels.
- Gasoline inventories increased by 3,364,000 barrels.
- Distillates inventories increased by 1,502,000 barrels.
- Refinery utilization increased by 0.2%.
The U.S. Energy Information Administration (EIA) reported that weekly crude oil inventories fell by 7,974,000 barrels. This figure was a larger draw than the -4,007,000 barrels that analysts had expected. Prior week inventories showed a decrease of 3,327,000 barrels.
Gasoline inventories increased by 3,364,000 barrels, contrasting with an expected decrease of 513,000 barrels. Distillates inventories rose by 1,502,000 barrels, against an expected decrease of 319,000 barrels. Refinery utilization saw a modest increase of 0.2%, slightly below the expected 0.3% rise.
Ahead of the EIA report, the American Petroleum Institute (API) released its data, which indicated a crude oil inventory draw of 6,750,000 barrels, a gasoline inventory decrease of 3,199,000 barrels, and a distillates inventory decrease of 214,000 barrels. WTI crude oil was trading up $1.10 to $94.92 per barrel prior to the EIA report's release.