Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🎁 Free Gift Friday: Copy Legendary Investors' Portfolios in One ClickCopy for Free

U.S. oil inventories fell by 5.2 million barrels last week: EIA

AuthorLiz Moyer
Published 12/07/2022, 09:59 AM
Updated 12/07/2022, 11:10 AM
© Reuters.

Investing.com -- U.S. crude oil inventories fell by more than expected last week, the Energy Information Administration (EIA) said.

Crude inventories dropped by 5.187 million barrels, against expectations for a draw of 3.305 million barrels.

But distillate stockpiles rose by 6.159 million barrels last week, compared with expectations for a build of 2.208 million barrels. 

Gasoline inventories also rose by 5.320 million barrels, against expectations for a build of 2.707 million barrels.

“The combined build in products simply outweigh the draw on the crude,” said Investing.com analyst Barani Krishnan. “On top of that, production has been estimated 100k higher on the week. Demand for gasoline and diesel is, meanwhile, just so so. It’s a net bearish report, if you ask me.”

 

Latest comments

Why don't you include those of the SPR in the withdrawals?
it always does.
it always does. 21 million bbl of oil have disappeared from our stockpiles the last two weeks in the US, between commercial and SPR. No headlines like that huh? It won’t last forever. No all we see here every week is “demand destruction fears.” Stockpiles depleting faster than any time in history, but thw headlines read “demand destruction.”
 The drawdowns in SPR are about a quarter or less than what they used to be. That's what the EIA is reporting and that's what's official. Look at products supplied last week vs previous and year ago. Tell me if there's runaway demand.
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.