The US Energy Information Administration (EIA) released its weekly report on Wednesday, revealing that crude oil stocks changed by -7.9 million barrels in the week ending July 9. Analysts predicted a reduction of 4.4 million barrels.
After this revelation, crude oil prices came under fresh selling pressure, and a barrel of West Texas Intermediate (WTI) was last priced at $73.70, down 2% on the day.
“Total motor gasoline inventories rose by 1.0 million barrels last week, falling 1% below the five-year average for this time of year.”
“During the week ending July 9, 2021, US crude oil refinery inputs averaged 16.1 million barrels per day, down 22,000 barrels per day from the previous week’s average.”
“Over the last four weeks, total products provided averaged 20.6 million barrels per day, up 14.1 percent from the same period last year.”/n
