Categories: Agenda

US crude oil stocks down

US crude oil inventories decreased by 2.1 million barrels last week compared to the previous week. The US Dollar is expected to decline again. In particular, the economic crisis in the USA needs to show its effect in the world!

US Oil Stocks Decreasing!

The U.S. Energy Information Administration (EIA) announced that the country’s commercial crude oil inventories fell 2.1 million barrels (0.4 percent) to 532.3 million barrels last week. Market expectations were that inventories would increase by 3 million barrels. The country’s crude oil stocks rose 7.9 million barrels the previous week.

Strategic crude oil stocks, which are not included in commercial crude oil stocks, reached 647.8 million barrels with an increase of 4 million barrels (0.6 percent).

During the period in question, US gas stocks also increased by 2.8 million barrels (1.1 percent) to 257.8 million barrels. The market expectation was that gasoline stocks would increase by 1 million barrels. The country’s gasoline stocks fell by 700 thousand barrels the previous week.

US OIL PRODUCTION DECREASED

US crude oil imports decreased by an average of 1 million barrels a day compared to the previous week and decreased to 6.1 million barrels, while oil exports decreased by an average of 382 thousand barrels a day and fell to 2.8 million barrels.

The daily crude oil production of the USA fell by an average of 232 thousand barrels on May 23-29, falling to approximately 11.2 million barrels. This figure had reached its highest level in February 22-28, with 13.1 million barrels.

According to the EIA’s “May 2020 Short-Term Energy Outlook”, the country’s average daily crude oil production is expected to be 11.7 million barrels this year.

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