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Economic news
17.07.2024

EIA’s report shows an unexpected tumble in U.S. weekly crude oil inventories

The U.S. Energy Information Administration (EIA) reported on Wednesday that crude inventories tumbled by 4.870 million barrels in the week ended July 12, following a drop of 3.444 million barrels in the previous week. Overall, this was the third straight weekly decrease in the U.S. crude inventories in three weeks. Economists had expected a gain of 0.800 million barrels.

At the same time, gasoline stocks increased by 3.328 million barrels, the most since the week ended January 19 (+4.91 million barrels). Analysts had predicted a drop of 1.700 million barrels. The previous week witnessed a fall of 2.006 million barrels.

Elsewhere, distillate stocks climbed by 3.454 million barrels. Analysts had forecast a draw of 0.500 million barrels. The previous week saw a jump of 4.884 million barrels.

Meanwhile, oil production in the U.S. remained unchanged at 13.300 million barrels per day.

U.S. crude oil imports averaged 7.0 million barrels per day last week, logging a rise of 277,000 barrels per day from the week before.

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