US oil stocks fall | Commodity News

U.S. commercial crude oil inventories decreased by about 1.6 million barrels last week from the previous week.

The US Energy Information Administration (EIA) announced that the country’s commercial crude oil inventories decreased by approximately 1.6 million barrels last week to 417.5 million barrels. Market expectations were that the inventories would decrease by approximately 200 thousand barrels.

Strategic crude oil stocks, which are not included in commercial crude oil stocks, increased by approximately 700 thousand barrels and reached 380 million 600 thousand barrels.

During the period in question, US gasoline stocks increased by approximately 100 thousand barrels and were recorded as 221 million 600 thousand barrels.

OIL PRODUCTION DECREASED

US daily crude oil production decreased by 43 thousand barrels in the week of September 7-13, falling to 13 million 611 thousand barrels.

On the other hand, the country’s crude oil imports decreased by an average of 545 thousand barrels per day compared to the previous week, falling to 6 million 322 thousand barrels, while crude oil exports increased by an average of 1 million 284 thousand barrels per day, reaching 4 million 589 thousand barrels.

According to the EIA’s September 2024 Short-Term Energy Outlook Report, the U.S.’s average daily crude oil production is expected to be 13.3 million barrels this year and 13.7 million barrels next year.

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