US commercial crude oil inventories decline

U.S. commercial crude oil inventories decreased by approximately 3.4 million barrels last week compared to the previous week.

The US Energy Information Administration (EIA) announced that the country’s commercial crude oil inventories decreased by approximately 3.4 million barrels last week to 433 million barrels. Market expectations were for inventories to decrease by approximately 1.6 million barrels.

Strategic crude oil stocks, which are not included in commercial crude oil stocks, increased by approximately 700 thousand barrels to reach 375 million 100 thousand barrels.

During the period in question, the US gasoline stocks decreased by approximately 3 million 700 thousand barrels to 223 million 800 thousand barrels.

OIL PRODUCTION DECREASED

Last week, the US’s crude oil imports increased by an average of 82 thousand barrels per day compared to the previous week, reaching 6 million 953 thousand barrels, while its crude oil exports increased by an average of 733 thousand barrels per day, reaching 4 million 919 thousand barrels.

The country’s daily crude oil production decreased by 19 thousand barrels in the week of July 20-26, reaching 13 million 695 thousand barrels.

According to the EIA’s July 2024 Short-Term Energy Outlook Report, the U.S.’s average daily crude oil production is expected to be 13.25 million barrels this year and 13.77 million barrels next year.