Crude Oil Stocks Change in the US was -4.4 million barrels in the week ending September 11th, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts estimate was for an increase of 1.27 million barrels.

Market reaction

Crude oil’s reaction to this data was largely muted. As of writing, the barrel of West Texas Intermediate (WTI) was up nearly 3% on the day at $39.52.

Additional takeaways

“US crude oil refinery inputs averaged 13.5 million barrels per day during the week ending September 11, 2020, which was 0.7 million barrels per day more than the previous week’s average.”

“US crude oil imports averaged 5.0 million barrels per day last week, down by 416,000 barrels per day from the previous week.”

“Total products supplied over the last four-week period averaged 18.1 million barrels a day, down by 15.5% from the same period last year.”