US crude oil stocks drop 3.7M barrels, gasoline stocks fall 5.6M

U.S. commercial crude oil stocks decreased by approximately 3.7 million barrels compared to the previous week.

The U.S. Energy Information Administration (EIA) announced that commercial crude oil stocks in the country decreased by about 3.7 million barrels last week to 436.5 million.

According to market expectations, stocks were expected to decrease by about 2.6 million barrels.

The stocks of strategic crude oil, which are not included in the commercial crude oil stocks, increased by approximately 700,000 barrels, reaching 374.4 million barrels.

During the above period, U.S. gasoline stocks decreased by approximately 5.6 million barrels to 227.4 million.

Oil production decreased.

Last week, U.S. crude oil imports decreased by an average of 166,000 barrels per day to 6.871 million barrels, compared to the previous week.

In comparison, crude oil exports increased by an average of 222,000 barrels per day to 4.186 million barrels.

From July 13 to 19, the country’s daily crude oil production decreased by 8,000 barrels to 13.714 million barrels.

The EIA’s July 2024 Short-Term Energy Outlook Report predicts that the U.S. will produce an average of 13.25 million barrels of crude oil per day this year and 13.77 million barrels the following year.