The Strategist

US oil inventories down 6.9 mln barrels per week

09/12/2019 - 03:33

U.S. commercial oil reserves (excluding the strategic reserve) for the week ended September 6 fell by 6.9 million barrels, or 1.6%, to 416.1 million barrels, the USA Energy Information Administration (EIA) review said in a weekly review.

Analysts interviewed by Reuters expected a decrease in stocks of only 2.7 million barrels.

According to the agency, oil production in the US for the week amounted to 12.4 million barrels per day, as a week earlier.

Oil reserves at the country's largest terminal in Cushing, Oklahoma, fell 0.8 million barrels to 49.3 million.

Gasoline inventories decreased by 0.7 million barrels, or 0.3%, to 228.9 million barrels. Analysts predicted a decrease in gasoline inventories by 0.8 million barrels.

Distillate stocks for the week increased by 2.7 million barrels, or 2%, amounting to 136.2 million barrels. Growth was projected at 0.1 million barrels.

The strategic oil reserve in the country has not changed compared to the previous week and amounted to 644.8 million barrels.

Oil prices accelerated growth on September 11 by mid-day amid expectations of statistics on US stocks of raw materials according to trading data.