U.S. crude oil imports declined by 729,000 barrels, averaging 6.2 million bpd. Over the past four weeks, crude oil imports averaged 6.8 million bpd.
Strategic Petroleum Reserve increased from 375.1 million barrels to 375.8 million barrels as U.S. continued to buy oil for reserves. Oil prices have recently pulled back towards yearly lows, so U.S. will likely continue to replenish reserves.
Domestic oil production increased from 13.3 million bpd to 13.4 million bpd. This is a surprising development as oil prices have pulled back materially in recent weeks.
WTI oil tested session highs as traders reacted to the EIA report. Interestingly, traders are not worried about rising U.S. domestic oil production. From a big picture point of view, oil markets have calmed down after the recent sell-off, and traders have started to buy the dip. Currently, WTI oil is trying to settle above the $75.00 level.