The Strategist

US oil inventories fall lower than expected

12/30/2019 - 03:55

Commercial oil reserves in the United States (excluding the strategic reserve) for the week ended December 20 decreased by 5.5 million barrels, or 1.2%, to 441.4 million barrels, according to a weekly review of the energy information department of the country's energy ministry.

Analysts polled by Reuters expected a 1.7 million barrels drop in those stocks. 

Oil production in the US over the week, according to the ministry, increased by 0.1 million, to 12.9 million barrels per day. 

Oil reserves at the country's largest terminal in Cushing fell by 2.4 million barrels to 37.8 million. 

Gasoline stocks rose by 2 million barrels, or 0.8%, to 239.3 million barrels. Experts had expected growth of 1.7 million barrels. Distillate stocks for the week decreased by 0.2 million barrels, or 0.1%, to 124.9 million barrels. Growth of 0.8 million barrels was forecasted. 

The strategic oil reserve in the country has not changed compared to the previous week, remaining at around 635 million barrels.