US: EIA Crude Oil Stocks Change at +4.9 million in week ending July 17

Crude Oil Stocks Change in the US was +4.9 million barrels in the week ending July 17th, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. This reading came in higher than the market expectation for a decline of 2.1 million barrels.

Market reaction

Crude oil prices largely ignored this report. As of writing, the barrel of West Texas Intermediate was trading at $41.45, down 0.2% on a daily basis.

Additional takeaways

"US crude oil refinery inputs averaged 14.2 million barrels per day during the week ending July 17, 2020, which was 103,000 barrels per day less than the previous week’s average." 

"US crude oil imports averaged 5.9 million barrels per day last week, up by 373,000 thousand barrels per day from the previous week."

"Total products supplied over the last four-week period averaged 17.9 million barrels a day, down by 14.6% from the same period last year."

"Over the past four weeks, motor gasoline product supplied averaged 8.6 million barrels a day, down by 9.5% from the same period last year."