The U.S. Energy Information Administration (EIA) reported on Wednesday
that crude inventories plunged by 12.157 million barrels in the week ended June 28, following
a surge of 3.591 million barrels in the previous week. This represented the steepest weekly drop in the U.S. crude
inventories since the week ended July 28, 2023 (-17.049
million barrels). Economists had forecast a fall
of 0.900 million barrels.
At the same
time, gasoline stocks decreased by 2.214 million barrels.
Analysts had predicted a draw of 1.000 million barrels. The previous week saw a
climb of 2.654 million barrels.
Elsewhere,
distillate stocks dropped by 1.535 million barrels, recording the third successive
weekly drop. Analysts had expected
a decline of 1.100 million barrels. The previous week witnessed a slip of 0.377
million barrels.
Meanwhile, oil
production in the U.S. was unchanged at 13.200 million barrels per day.
U.S. crude oil
imports averaged 6.5 million barrels per day last week, logging a reduction of 65,000 barrels
per day from the week before.