Key Insights
- Crude inventories decreased by 6.9 million barrels, while gasoline inventories fell by 0.6 million barrels.
- Strategic Petroleum Reserve increased from 352.5 million barrels to 353.3 million barrels.
- Domestic oil production remained unchanged at 13.3 million barrels.
On December 28, EIA released its Weekly Petroleum Status report. The report indicated that crude inventories declined by 6.9 million barrels from the previous week, compared to analyst consensus of -2.7 million barrels. At current levels, crude oil inventories are about 1% below the five-year average for this time of the year.
Total motor gasoline inventories decreased by 0.6 million barrels, while distillate fuel inventories grew by 0.8 million barrels. Crude oil imports averaged 6.3 million bpd, declining by 0.415 million bpd from the previous week.
Domestic…
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