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- EIA’s report reveals unexpected decline in U.S. crude oil inventories
EIA’s report reveals unexpected decline in U.S. crude oil inventories
The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories fell by 4.983 million barrels in the week ended May 15. Economists had forecast a build of 1.151 million barrels.
At the same time, gasoline stocks rose by 2.830 million barrels, while analysts had expected a drop of 2.134 million barrels. Distillate stocks climbed by 3.832 million barrels, while analysts had forecast an increase of 1.429 million barrels.
Meanwhile, oil production in the U.S. decreased by 100,000 barrels a day to 11.500 million barrels a day.
U.S. crude oil imports averaged 5.2 million barrels per day last week, down by 194,000 barrels per day from the previous week.
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