Key Insights
- Crude inventories decreased by 5.1 million barrels from the previous week.
- Domestic oil production declined from 12.3 million bpd to 12.2 million bpd.
- U.S. sold 1.1 million barrels of oil from the Strategic Petroleum Reserve.
On April 26, EIA released its Weekly Petroleum Status Report, which indicated that crude inventories declined by 5.1 million barrels from the previous week, compared to analyst consensus of -1.5 million. At current levels, crude oil inventories are about 1% below the five-year average for this time of the year.
Crude oil imports did not play a major role in crude oil inventory dynamics as they increased by just 81,000 bpd and averaged 6.4 million bpd.
Total motor gasoline inventories declined by 2.4 million barrels, while distillate fuel inventoried decreased by 0.6 million barrels from…
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