US: EIA Crude Oil Stocks decrease by 7.6 million barrels, WTI holds near $74

Crude Oil Stocks Change in the US was -7.6 million barrels in the week ending June 18, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts' estimate was for a decrease of 3.6 million barrels.

Market reaction

The barrel of West Texas Intermediate (WTI), which touched its highest level since October 2018 at $74.22 earlier in the day, showed no immediate reaction to this report and was last seen gaining 1.25% on the day at $74.

Additional takeaways

"US crude oil refinery inputs averaged 16.1 million barrels per day during the week ending June 18, 2021, which was 224,000 barrels per day less than the previous week’s average."

"US crude oil imports averaged 6.9 million barrels per day last week, up by 197,000 barrels per day from the previous week."

"Total products supplied over the last four-week period averaged 19.5 million barrels a day, up by 14.5% from the same period last year."