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Crude Stockpile Fell 3.234 Million Barrels: EIA

Published 08/18/2021, 10:21 AM
Updated 08/18/2021, 10:33 AM
© Reuters.

Investing.com -- U.S. oil stockpiles fell by more than expected  in the latest week, the Energy Information Administration said on Wednesday.

Crude inventories dropped by 3.234 million  barrels last week, compared with analysts' expectations for a draw of 1.055 million barrels.

Distillate stockpiles, which include diesel and heating oil, declined 2.697 million barrels in the week against expectations for a build of 276,000 barrels, the EIA data showed.

Gasoline inventories rose 696,000 barrels last week the EIA said, compared with expectations for a draw of 1.671 million barrels.

 

Latest comments

100+ oil is coming
I forecast an economic downturn to that effect
I've put so much money in my act says I have a lot but I can't access it....any
Be strong 💪
The impact of this report on the price of oil is getting weaker every week. Even contrary to any logic. The report is "bullish", but the price is falling. Very, very strange.
How can a fall of 3 million barrels plus mean a fall in price if over 1 Dollar
Because you cannot overplay the we-are-drawing-to-produce-gasoline B S. each week because the demand outlook itself is now shaky. Ultimately, demand is decided by the consumers; NOT the refiners. The Umich Consumer Sentiment survey for August tells you what consumers think of spending in the months ahead. That report is far more potent than even the July jobs report. Ignore it at your peril.
 Do I understand correctly? To influence the price of oil, let's follow this study - U.S. Michigan Consumer Sentiment.
No momentum
what about EPD , shall we increase our positions
Bullish is ON
Bullish is ON
this is opportunity
covid and inflation fears and market breaks records. lower than expected oil inventories and Brent price goes down. ok so what is going on?
I guess nobody has faith in reports/forecasts of EIA and so-called experts anymore. Market is drawing it's own conclusion based on signs of rising Covid cases, potential lockdowns and slowing consumer expenses
bullish for crude
Is this a good or bad thing for oil companies such as CVX or MRO?
K D M
when inventory declines it means "deamnd" and "demand" pushes price higher. good for oil companies
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