Breaking: U.S. Crude Inventories Fell by 11.5M Barrels Last Week – EIA

Jan 03, 2020

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Stockpiles of U.S. crude tumbled much more than expected last week, the Energy Information Administration said Friday. Oil prices, already surging on Mideast tensions, remained sharply higher.

Oil inventories sank by 11.46 million barrels for the week ended Dec. 27, the EIA reported. The market was expecting stockpiles to have dropped by about 3.3 million barrels, according to forecasts compiled by .

Gasoline inventories rose by 3.2 million barrels, versus forecasts for a rise of 1.1 million barrels. Distillate stockpiles surged by 8.8 million barrels, compared with expectations for a build of 1.8 million barrels.

WTI futures were up about 3.5%.

The numbers were delayed until Friday due to the New Year’s Day holiday.

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