U.S. Crude Stocks Barely Budge as Gasoline Inventories Fall
Crude oil inventories in the United States saw an increase of 100,000 barrels during the week ending August 21, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 428.9 million barrels, according to government data, which are now 1% above the five-year average for this time of year. The EIA’s data release…
U.S. crude oil inventories remained relatively stable last week, with an increase of just 100,000 barrels, according to the latest data from the U.S. Energy Information Administration. The updated stockpile stands at 428.9 million barrels, marking a 1% rise from the five-year average. Crude futures prices experienced a slight decline, with West Texas Intermediate (WTI) trading at $81.14 per barrel, marking a 1.48% decrease from the same period last week.
Meanwhile, gasoline inventories saw a more significant drop, falling by 2.5 million barrels after a previous increase of 700,000 barrels. This decrease in gasoline stocks has led to an average daily production of 9.8 million barrels and a heightened concern over the nation's oil demand. Total products supplied, serving as an indicator of U.S. oil consumption, averaged 20.5 million barrels daily over the past four weeks, a 3.0% decrease compared to the same period last year.
Gasoline demand averaged 8.9 million barrels per day over the same period, while distillate production averaged 3.8 million barrels, marking a 2.2% reduction year-over-year.
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