- Crude oil inventories in the U.S. fell by 4.6 million barrels to 426 million barrels in the week ending August 16.
- Gasoline stocks decreased by 1.6 million barrels, and distillate inventories dropped by 3.7 million barrels.
- Current crude oil stocks are approximately 5% below the five-year average for this time of year.
Washington, August 21, 2024 (FFN) – U.S. crude oil inventories experienced a significant decline last week, as reported by the Energy Information Administration (EIA) on Wednesday. The latest data shows that for the week ending August 16, crude oil stocks fell by 4.6 million barrels, bringing the total to 426 million barrels. This follows a previous week’s increase of 1.4 million barrels. The current inventory level is about 5% lower than the five-year average for this period.
Economists had anticipated a milder decrease of about 2.8 million barrels, making the actual drop notably sharper than expected.
The EIA also reported decreases in other key inventories:
- Gasoline stocks fell by 1.6 million barrels, placing them approximately 3% below the five-year average for this time of year.
- Distillate stocks, which include heating oil and diesel, dropped by 3.7 million barrels, leaving them about 7% below their five-year average.
This significant reduction in crude oil inventories, along with the drop in gasoline and distillate stocks, signals tightening supply conditions in the U.S., which could have implications for global oil markets.
Table:
| Category | Change (Week ending August 16, 2024) | Current Level (Barrels) | Comparison to Five-Year Average |
|---|---|---|---|
| Crude Oil | -4.6 million | 426 million | 5% below |
| Gasoline | -1.6 million | [Current level not provided] | 3% below |
| Distillates | -3.7 million | [Current level not provided] | 7% below |
This report is based on information from RTTNews and other sources.
