US Oil Inventories Drop 1.7 Million Barrels
Oil tanks: U.S. crude oil inventories declined during the week ending July 10, according to data released Wednesday by the U.S. Energy Information Administration, exceeding expectations which had pointed to a decline of 900,000 barrels. U.S. crude and product inventories (million barrels): Item, Year ago, Prior week, Current, Weekly change: Crude oil: 422.2, 411.4, 409.7, (1.7); Gasoline: 232.9, 212.1, 210.5, (1.5); Distillates: 107.0, 103.6, 108.2, +4.6. What does this mean? The data indicates a resumption of draws on crude inventories...
US Oil Inventories Drop 1.7 Million Barrels
Oil Tanks
U.S. crude oil inventories fell during the week ending July 10, according to data released Wednesday by the U.S. Energy Information Administration, exceeding expectations which had indicated a decline of 900,000 barrels.
U.S. Crude and Product Inventories (million barrels)
Item
Year Ago
Prior Week
Current
Weekly Change
Crude Oil
422.2
411.4
409.7
(1.7)
Gasoline
232.9
212.1
210.5
(1.5)
Distillates
107.0
103.6
108.2
+4.6
What does this mean? The data indicates a resumption of draws on crude inventories, after they rose by 3 million barrels the previous week, amid rising demand and compensating for the global shortfall in crude supply due to the repercussions of the war in the Middle East.
U.S. Oil Inventories
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Original source: Argaam
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