The U.S. Energy Information Administration (EIA) announced on Wednesday
that crude inventories dropped by 11.473 million barrels in the week ended June 13, following
a fall of 3.644 million barrels in the previous week. This marked the fourth
straight weekly decrease in U.S. crude inventories and the sharpest since the week ended June 28,
2024 (-12.157 million barrels). Economists had predicted a fall of 2.300 million
barrels.
At the same
time, gasoline stocks advanced by 0.209 million barrels. The previous week saw an increase of 1.504
million barrels.
Elsewhere,
distillate stocks gained by 0.514 million barrels. The previous week witnessed a rise of 1.246 million
barrels.
Meanwhile, oil
production in the U.S. edged up 3,000 barrels per day to 13.431 million barrels
per day.
U.S. crude oil
imports averaged 5.5 million barrels per day last week,
logging a decline of 672,000 barrels per day from the week before.