Key Insights
- Crude inventories decreased by 10.6 million barrels from the previous week.
- Strategic Petroleum Reserve grew from 348.9 million barrels to 349.5 million barrels.
- Domestic oil production was unchanged at 12.8 million bpd.
On August 30, EIA released its Weekly Petroleum Status Report. The report indicated that crude inventories declined by 10.6 million barrels from the previous week, compared to analyst consensus of -3.3 million barrels.
Total motor gasoline inventories decreased by 0.2 million barrels, while distillate fuel inventories grew by 1.2 million barrels. Crude oil imports declined by 316,000 bpd, averaging 6.6 million bpd.
The U.S. continued to purchase oil for the Strategic Petroleum Reserve (SPR). As a result, SPR increased from 348.9 million barrels to 349.5 million barrels. It should be noted that…
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