US Crude Oil Inventories Fell Hard
In a statement released by the U.S. Energy Information Administration (EIA), US crude oil inventories dropped 7.2 million barrels (1.3 percent) last week to 533.5 million barrels. Market expectations were that crude oil stocks would drop by 710 thousand barrels. The country’s crude oil inventories rose 1.4 million barrels last week.
Strategic crude oil stocks, which are not included in commercial crude oil stocks, gained 1.7 million barrels (0.3 percent) and climbed to 655.4 million barrels.
In the specified period, US gasoline stocks also increased by 1.2 million barrels (0.5 percent) to 256.5 million barrels. The prospect was for gasoline stocks to drop by 1.6 million barrels. Gasoline stocks dropped by 1.7 million last week.