US Energy Information Administration (EIA) Report
The US Energy Information Administration (EIA) announced that commercial crude oil inventories in the country decreased by approximately 3.7 million barrels in the last week to 429.3 million barrels. Market analysts expected the stocks to decrease by approximately 1.6 million barrels. This situation was evaluated as a remarkable development in the markets.
Strategic Stocks and Gasoline Stocks
Strategic crude oil stocks, which are not included in commercial crude oil stocks, increased by approximately 700 thousand barrels to reach 375 million 800 thousand barrels. In addition, US gasoline stocks increased by approximately 1 million 300 thousand barrels to 225 million 100 thousand barrels during the period in question. These increases are interpreted as a reflection of fluctuations in gasoline demand.
Changes in Oil Production
The US’s crude oil imports decreased by an average of 729 thousand barrels per day compared to the previous week, falling to 6 million 224 thousand barrels. On the other hand, crude oil exports decreased by an average of 1 million 281 thousand barrels per day, falling to 3 million 638 thousand barrels. This situation stands out as an important factor affecting the dynamics of the US energy market.
The country’s daily crude oil production increased by 119 thousand barrels in the week of July 27 – August 2, reaching 13 million 815 thousand barrels. According to the EIA’s August 2024 Short-Term Energy Outlook Report, the US’s average daily crude oil production is expected to be 13 million 230 thousand barrels this year and 13 million 690 thousand barrels next year. These data are considered important indicators that shape production expectations in the energy sector.
