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- EIA’s report reveals smaller-than-expected decline in U.S. crude oil inventories
EIA’s report reveals smaller-than-expected decline in U.S. crude oil inventories
The
U.S. Energy Information Administration (EIA) revealed on Wednesday that crude
inventories fell by 0.427 million barrels in the week ended May 7, following a plunge
of 7.990 million barrels in the previous week. Economists had forecast a drop
of 2.817 million barrels.
At
the same time, gasoline stocks rose 0.378 million barrels, while analysts had
expected a decrease of 0.600 million barrels. Distillate stocks dropped 1.733 million
barrels, while analysts had forecast a draw of 1.08 million barrels.
Meanwhile,
oil production in the U.S. increased by 100,000 barrels a day to 11.000 million
barrels a day.
U.S.
crude oil imports averaged 5.5 million barrels per day last week, up by 37,000
barrels per day from the previous week.
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