US: EIA Crude Oil Stocks Change at -0.6 million, WTI clings to gains above $47

EIA Crude Oil Stocks Change at -0.6 million, WTI clings to gains above $47.50

three orange oil pumps against cloudy sky 16955370 Large
  • Oil stocks in the US declined less than expected last week.
  • WTI continues to trade in the positive territory above $47.50.

Crude Oil Stocks Change in the US was -0.6 million barrels in the week ending December 18, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts estimate was for a decrease of 3.1 million barrels.

Market reaction

Crude oil prices showed no immediate reaction to this report and the barrel of West Texas Intermediate (WTI) was last seen gaining 1.8% on the day at $47.60.

Additional takeaways

“US crude oil refinery inputs averaged 14.0 million barrels per day during the week ending December 18, 2020, which was 169,000 barrels per day less than the previous week’s average.”

“US crude oil imports averaged 5.6 million barrels per day last week, up by 140,000 barrels per day from the previous week.”

“Total products supplied over the last four-week period averaged 18.9 million barrels a day, down by 8.7% from the same period last year.” 

Credit: FX Street

Tags: No tags

Leave A Comment

Your email address will not be published. Required fields are marked *