Crude oil imports averaged 6.3 million bpd, declining by 606,000 bpd from the previous week. Over the past four weeks, crude oil imports averaged 6.6 million bpd, so this week’s imports were below the four-week average.
Strategic Petroleum Reserve increased from 395.1 million bpd to 395.3 million bpd as U.S. continued to buy oil for reserves.
Domestic oil production increased from 13.478 million bpd to 13.494 million bpd. From a big picture point of view, domestic oil production remains at high levels.
WTI oil remained under pressure as traders reacted to the EIA report. Currently, WTI oil is trying to settle below the $72.00 level. Traders take some profits off the table after the strong rebound from recent lows.
