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- EIA’s report reveals a bigger than expected drop in U.S. crude oil inventories
EIA’s report reveals a bigger than expected drop in U.S. crude oil inventories
The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories decreased by 2.549 million barrels in the week ended January 10. Economists had forecast a drop of 0.474 million barrels.
At the same time, gasoline stocks surged by 6.678 million barrels, while analysts had expected a climb of 3.386 million barrels. Distillate stocks jumped by 8.171 million barrels, while analysts had forecast an increase of 1.214 million barrels.
Meanwhile, oil production in the U.S. rose by 100,000 barrels a day to 13.000 million barrels a day.
U.S. crude oil imports averaged 6.6 million barrels per day last week, down by 179,000 barrels per day from the previous week.
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