US commercial crude oil inventories saw a notable decline of 2.6% during the week ending June 28, according to recent data from the Energy Information Administration (EIA) released late Wednesday.
The data revealed a drop of approximately 12.2 million barrels, bringing inventories down to 448.5 million barrels. This decrease surpassed market expectations, which had predicted a more modest decline of about 400,000 barrels.
Excluding strategic petroleum reserves, which saw a slight increase of 400,000 barrels to 372.6 million barrels last week, commercial crude stocks showed significant reduction.
During the same period, gasoline inventories also experienced a decrease, falling by around 2.2 million barrels to 231.7 million barrels.
The EIA’s data further highlighted a decline in US crude oil production, down by 27,000 barrels per day (bpd) to approximately 13.58 million bpd during the reported week.
Additionally, US crude oil imports decreased by 65,000 bpd to about 6.54 million bpd, while exports saw an increase of 491,000 bpd to approximately 4.40 million bpd over the same period.
In its recent Short-Term Energy Outlook (STEO) released on June 11, the EIA forecasted that US crude oil production would average 13.24 million bpd this year. Looking ahead to next year, production is expected to rise to 13.71 million bpd.
Related topics:
