US: EIA Crude Oil Stocks decrease by 7.9 million barrels, WTI trades below $74

Crude Oil Stocks Change in the US was -7.9 million barrels in the week ending July 9, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts' estimate was for a decrease of 4.4 million barrels.

Market reaction

Crude oil prices came under renewed selling pressure after this report and the barrel of West Texas Intermediate (WTI) was last seen losing 2% on the day at $73.70.

Additional takeaways

"Total motor gasoline inventories increased by 1.0 million barrels last week and are about 1% below the five year average for this time of year."

"US crude oil refinery inputs averaged 16.1 million barrels per day during the week ending July 9, 2021, which was 22,000 barrels per day less than the previous week’s average."

"Total products supplied over the last four-week period averaged 20.6 million barrels a day, up by 14.1% from the same period last year."