U.S. commercial crude-oil inventories fell by 6.014 million barrels in the week ended 15 August, the Energy Information Administration said Wednesday, a draw more than seven times the consensus forecast for an 850,000-barrel decline and reversing the prior week’s 3.036 million-barrel build. Gasoline stockpiles dropped 2.720 million barrels, also outpacing expectations for a modest draw, while distillate fuels—which include diesel and heating oil—rose 2.343 million barrels. Inventories at the Cushing, Oklahoma delivery hub for West Texas Intermediate crude increased 419,000 barrels. The EIA added that total U.S. petroleum supplies, including the Strategic Petroleum Reserve and refined products, slipped 4.012 million barrels to 1.667 billion. Late Tuesday, industry group API had pointed to a smaller 2.4 million-barrel crude draw, setting the stage for Wednesday’s larger-than-anticipated government figure.
Crude -6.01MM, exp. -850MM Gasoline -2.720MM Distillates +2.343MM Cushing +419K Production +55K to 13.382MMb/d Trump about to fire the head of the EIA
U.S CUSHING CRUDE OIL INVENTORIES ACTUAL: 0.419M VS 0.045M PREVIOUS
U.S CRUDE OIL INVENTORIES ACTUAL: -6.014M VS 3.036M PREVIOUS