The Energy Information Administration (EIA) released its latest report on the status of U.S. commercial crude inventories, revealing a larger-than-anticipated decrease. For the week ending September 1st, inventories fell by 6.3 million barrels, surpassing analysts’ expectations of a 5.6 million barrel decline.
Gasoline and Distillate Stockpiles
In addition to the impressive drop in crude inventories, the EIA report highlighted a reduction of 2.7 million barrels in gasoline supply. Analysts had only forecasted a decline of 840,000 barrels. Distillate stockpiles saw a slight increase, rising by 700,000 barrels. Initial predictions indicated that these stockpiles would remain stable.
Cushing, Okla., Nymex Delivery Hub
The EIA report also mentioned a decline in crude stocks at the Cushing, Okla., Nymex delivery hub. In total, there was a decrease of 1.8 million barrels for the week.
Following the release of this data, the prices of oil futures experienced a minor dip. October West Texas Intermediate crude (CLV23) decreased by 6 cents, or nearly 0.1%, settling at $87.48 per barrel on the New York Mercantile Exchange. Prior to the release of the supply data, prices had been trading at $87.57.
In conclusion, the latest EIA report showcases a more substantial reduction in U.S. commercial crude inventories than initially projected. Gasoline stockpiles also saw a significant decrease, while distillate stockpiles experienced a slight increase. These developments caused oil futures prices to slightly decline.