US: EIA Crude Oil Stocks increase by 2.1 million barrels, WTI holds above $69

Crude Oil Stocks Change in the US was +2.1 million barrels in the week ending July 16, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts' estimate was for a decrease of 4.6 million barrels.

Market reaction

Crude oil prices showed no immediate reaction to this report and the barrel of West Texas Intermediate (WTI) was last seen rising 4.75% on the day at $69.55.

Additional takeaways

"Total motor gasoline inventories decreased by 0.1 million barrels last week and are at the five year average for this time of year."

"US crude oil refinery inputs averaged 16.0 million barrels per day during the week ending July 16, 2021, which was 87,000 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 15.0% from the same period last year."