US: EIA Crude Oil Stocks decrease by 7.9 million barrels, WTI trades below $74

Crude Oil Stocks Change within the US was -7.9 million barrels within the week ending July 9, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts’ estimate was for a decrease of 4.4 million barrels.

Market reaction
Crude oil prices came under renewed selling pressure after this report and therefore the barrel of West Texas Intermediate (WTI) was last seen losing 2% on the day at $73.70.

Additional takeaways
“Total motor gasoline inventories increased by 1.0 million barrels last week and are about 1% below the five year average for this point of year.”

“US petroleum refinery inputs averaged 16.1 million barrels per day during the week ending July 9, 2021, which was 22,000 barrels per day but the previous week’s average.”

“Total products supplied over the last four-week period averaged 20.6 million barrels each day , up by 14.1% from an equivalent period last year.”

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