Crude oil stockpiles fell less than initially expected in the recent week’s report.
- Crude inventories dropped 447,000 barrels last week, against analysts’ projections of withdrawing 1.271 million barrels.
- Distillate oil inventories that consist of diesel and heating oil rose by 1.766 million barrels in the week against expectations for a drawing of 472,000 barrels.
- Fuel consumption, as measured by product supplied, dropped in the most recent week, caused by declines in gasoline and jet fuel supplied.
- Gasoline inventories dropped by 1.4 million barrels last week, less than the expectations of drawing 1.657 million barrels.
- The weekly figures are volatile, and over the last four weeks, produced supplied remains at 20.6 million barrels per day, close to 2019 levels.
Oil prices were lower on the day, though slightly close to the market’s initial price levels. U.S crude fell 51 cents to $67.78 a barrel as Brent dropped 56 cents to $70.06 a barrel.
USOIL down -1.05%, DXY down -0.15%