⛽EIA Energy Stocks🛢️
- Crude Inventories Down ⬇️ 600k bbl
- Gasoline Down ⬇️ 800k bbl
- Distillates Down⬇️ 200k bbl
- SPR No CHange ⛔
- Domestic prod: 12.2MMbpd
- Ethanol up⬆️26k bbl
- Impd mogas demand 8.94Mbpd
- Refiner utilization: 93.4%
After the Energy Information Administration reported an estimated draw of 600,000 barrels in U.S. oil inventories for the week ending on July 21, crude oil prices experienced a slight fall. This draw contrasted with a modest inventory decline of 700,000 barrels in the previous week, which had kept inventories slightly above the five-year seasonal average.
Gasoline and Distillates
In the week ending on July 21, gasoline stocks decreased by 800,000 barrels, which was in comparison to an inventory draw of 1.1 million barrels in the previous week. Gasoline production averaged 9.5 million barrels daily last week, showing a slight decline from the previous week.
Regarding middle distillates, the authority estimated an inventory draw of 200,000 barrels, which compared with a slight increase in the previous week. However, the draw was too small for the EIA to provide a specific number. Middle distillate production averaged 4.8 million barrels daily last week, slightly lower than the 5 million barrels daily recorded during the previous week.
Earlier this week, the American Petroleum Institute reported an estimated build in crude oil inventories, which surprised observers who had anticipated a draw. Despite this, oil prices remained relatively strong, boosted by tighter supply conditions and economic growth measures implemented by Beijing in China.
Analysts are now noting a shift in concern, as traders were previously monitoring economic indicators and preparing for a global recession. However, the focus is now shifting towards ensuring sufficient oil supply to meet demand.
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