U.S. crude oil stocks decreased
US commercial crude oil stocks fell 4.7 million barrels last week compared to the previous week
The US Energy Information Administration (EIA) announced that commercial crude oil stocks in the country fell by 4.7 million barrels (0.9 percent) last week to 507.8 million barrels. The market expectation was that stocks would decrease by 3.7 million barrels.
Strategic crude oil stocks, which are not included in the commercial crude oil stocks, decreased to 649.5 million barrels. In the given period, the gasoline stocks of the USA decreased by 4.6 million barrels (1.9 percent) to 239.2 million barrels.
Oil production increased
US crude oil imports increased by 185 thousand barrels per day to 5.9 million barrels last week compared to the previous week, while oil exports rose by an average of 1 million 226 thousand barrels per day to 3.3 million barrels.
The daily crude oil production of the country increased by 103 thousand barrels in the week of 15-21 August to approximately 11.2 million barrels.
According to the EIA’s “August 2020 Short-Term Energy Outlook Report”, the average daily production of US crude oil is expected to be 11.3 million barrels this year.
