Breaking: Oil Inventories Dropped by 2.55M Last Week – EIA

Jan 15, 2020

Back Commodities

By Kim Khan

Stockpiles of U.S. crude fell more than expected in the latest week, the Energy Administration reported Wednesday, but stockpiles of refined products such as gasoline and distillates both leaped.

Oil inventories fell by 2.55 million barrels for the week ended Jan. 10, the EIA said. Analysts were looking for drop of 474,000 barrels.

Gasoline inventories jumped by about 6.7 million barrels, compared with expectations for a build of about 3.4 million barrels. Distillate stockpiles soared by about 8.2 million barrels, versus expectations for a rise of about 1.2 million barrels.

WTI futures fell 0.8%. They were down about 0.4% before the inventory numbers came out.

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