U.S. Crude Inventories Drop 1.7 Million Barrels as Stockpiles Sit 6% Below 5-Year Average
Updated
Updated · OilPrice.com · Jul 15
U.S. Crude Inventories Drop 1.7 Million Barrels as Stockpiles Sit 6% Below 5-Year Average
3 articles · Updated · OilPrice.com · Jul 15
Summary
U.S. commercial crude stockpiles fell by 1.7 million barrels in the week ended July 10, leaving inventories at 409.7 million barrels, the EIA said.
That draw was larger than the 564,000-barrel decline estimated a day earlier by API, while total products supplied—a demand proxy—averaged 20.3 million barrels a day over four weeks, up 0.3% from a year earlier.
Gasoline inventories dropped 1.5 million barrels and output slipped to 9.6 million barrels a day, while distillate stocks rose 4.6 million barrels even as they remained 11% below the five-year average.
Brent traded down 0.77% at $84.08 a barrel and WTI slipped 0.26% to $79.13 in morning New York trading, despite escalating U.S.-Iran tensions and prices still running about $7 above last week.