US: EIA Crude Oil Stocks decrease by 6.7 million barrels, WTI trades below $74

Crude Oil Stocks Change in the US was -6.7 million barrels in the week ending June 25, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts’ estimate was for a decrease of 4.6 million barrels.

Market reaction

This report doesn’t seem to be having a major impact on crude oil prices. As of writing, the barrel of West Texas Intermediate was up 0.45% on the day at $73.75.

Additional takeaways

“US crude oil refinery inputs averaged 16.3 million barrels per day during the week ending June 25, 2021, which was 187,000 barrels per day more than the previous week’s average.”

“US crude oil imports averaged 6.4 million barrels per day last week, decreased by 0.5 million barrels per day from the previous week.”

“Total products supplied over the last four-week period averaged 20.0 million barrels a day, up by 13.3% from the same period last year.”