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U.S. crude inventories fell much more than expected last week - EIA

AuthorBarani Krishnan
Published 12/21/2022, 10:16 AM
Updated 12/21/2022, 10:36 AM
© Reuters.

Investing.com -- U.S. crude oil inventories fell more than three times the levels forecast for last week, data from the Energy Information Administration, or EIA, showed on Wednesday.

Crude inventories fell by 5.894M barrels, against expectations for a draw of 1.657M barrels, the EIA said in its Weekly Petroleum Status Report for the week ended Dec. 16. In the prior week to Dec. 9, the agency reported an inventory build of 10.231M.

The government-controlled U.S. Strategic Petroleum Reserve fell by 3.7M to reach 378.6M, the lowest level since December 1983.

Gasoline stockpiles rose by 2.53M barrels, versus a forecast build of 2.14M barrels. In the prior week, gasoline stockpiles rose by 4.496M.

Distillate inventories fell by 0.242M barrels last week, compared with expectations for a build of 0.336M barrels. In the prior week, gasoline inventories rose by 1.364M.

Latest comments

No big deal as over the last two weeks oil, gasoline and distilliates inventories have alk grown.
Me comment -- in the grander scheme, yes. This crude draw is still only about half of last week's build.
 when you look at total 5 yr range we are at the bottom of the range and about even with last year - only at this time last year the war hadn't started, the spdr releases hadn't happened and there was full supply from russia - a lot has changed including barrel price being higher now - still very bullish moving forward as russian supply isn't going to increase and spdr releases are going to have forward limitations
 Relatively. You can cut it both ways. Next few weeks will be the key. The weather. That could be the make or break for crude in Jan. From initial leanings towards a polar vortex around  Christmas time, we seem to be looking at less chill than thought from GFS and ECMWF readings of the past 48 hours. But weather forecasts, being weather forecasts, move at a whim. Let's see.
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