The US Energy Information Administration (EIA) announced that commercial crude oil inventories in the country decreased by 3.7 million barrels last week to 436.5 million barrels. Market expectations were for inventories to decrease by 2.6 million barrels.
Strategic crude oil stocks, which are not included in commercial crude oil stocks, increased by 700 thousand barrels and reached 374 million 400 thousand barrels.
During the period in question, the US gasoline stocks decreased by 5 million 600 thousand barrels to 227 million 400 thousand barrels.
Oil Production Status
The US’s daily crude oil imports decreased by an average of 166 thousand barrels per day compared to the previous week, reaching 6 million 871 thousand barrels, while its crude oil exports increased by an average of 222 thousand barrels per day, reaching 4 million 186 thousand barrels
The country’s daily crude oil production decreased by 8 thousand barrels in the week of July 13-19, reaching 13 million 714 thousand barrels.
According to the EIA’s July 2024 Short-Term Energy Outlook Report, the US’s average daily crude oil production is expected to be 13.25 million barrels this year and 13.77 million barrels next year.
