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Crude Stockpiles Fell 6.866 Million Barrels Last Week: EIA

CommoditiesJul 08, 2021 11:54AM ET
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© Reuters.

(Updates with comment on oil prices)

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

Crude oil inventories dropped by 6.866 million barrels last week, compared with analysts' expectations for a draw of 4.033 million barrels.

Distillate stockpiles, which include diesel and heating oil, rose 1.616 million barrels in the week against expectations for a build of 171,000 barrels, the EIA data showed.

Gasoline inventories fell 6.076 million barrels last week the EIA said, compared with expectations for a draw of 2.176 million barrels.

Oil prices rose just modestly on news of the crude stockpile drop.

By 11:45 AM ET (15:45 GMT), New York-traded West Texas Intermediate crude, the benchmark for U.S. oil, was up 47 cents, or 0.7%, at $72.67.

WTI had fallen more than 5% over the past two days combined, on worries about the security of future production cuts by the OPEC+ cartel after a spat between Saudi Arabia and the United Arab Emirates on export quotas.

“We have a crude draw of almost 7 million barrels versus the forecast of 4 million barrels and yet, WTI is struggling to rally today,” said Investing.com analyst Barani Krishnan. “We have to ask ourselves why and the answer is obvious: There is greater fear ow about OPEC+ and what could happen to the coalition’s grander production cuts versus the euphoria over plummeting U.S. stockpiles.”

“Until the UAE comes out and says, ‘We’ll respect the export quotas until we get another agreement’, oil prices could remain under pressure.”

 

Crude Stockpiles Fell 6.866 Million Barrels Last Week: EIA
 

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Comments (3)
Richie Berg
Richie Berg Jul 08, 2021 1:23PM ET
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I am glad that I remote work since March 2020. The commute from the bed to the computer desk is hell though. We will probably never go back.
eduff duff
eduff duff Jul 08, 2021 12:44PM ET
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Every week stocks will draw. Oil will flying
Jayda Jones
Jayda Jones Jul 08, 2021 11:41AM ET
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want
King Alexander
King Alexander Jul 08, 2021 11:41AM ET
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want what?
Ahti Kivi
Ahti Kivi Jul 08, 2021 11:41AM ET
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Country mckinney
Country mckinney Jul 08, 2021 11:41AM ET
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