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EIA Reports Crude Oil Inventory Draw of 4.4 Million Barrels; WTI Jump to $40

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   |    Wednesday,September 16,2020

EIA Reported today that U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.4 million barrels from the previous week. At 496.0 million barrels, U.S. crude oil inventories are about 14% above the five year average for this time of year.

The report is here.

This is welcomed news as WTI jumped to $40 up from $38.9 close yesterday.

U.S. crude oil imports averaged 5.0 million barrels per day last week, down by 416,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.3 million barrels per day, 20.1% less than the same four-week period last year.

Total motor gasoline inventories decreased by 0.4 million barrels last week and are about 3% above the five year average for this time of year. Finished gasoline inventories decreased while blending components inventories increased last week.

Distillate fuel inventories increased by 3.5 million barrels last week and are about 22% above the five year average for this time of year. Propane/propylene inventories decreased by 1.2 million barrels last week and are about 9% above the five year average for this time of year. Total commercial petroleum inventories increased by 4.3 million barrels last week.

WTI

 


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