U.S. Crude Oil Inventories Surpass ExpectationsLast Week, Prices Under Pressure
The weekly oil status report released by the U.S. Energy Information Administration (EIA) showed that crude oil inventories increased by 1.4 million barrels from the previous week, while analysts were expecting a decrease of 2 million barrels.
On August 14, the U.S. Energy Information Administration (EIA) released its weekly oil status report. The report showed that crude oil inventories increased by 1.4 million barrels from the previous week, while analysts were expecting a decrease of 2.0 million barrels.
Gasoline inventories decreased by 2.9 million barrels, while analysts expected a decrease of 1.4 million barrels. Diesel stocks decreased by 1.7 million barrels.
U.S. crude oil imports averaged 6.3 million bpd, up 61,000 bpd from the previous week. Over the past four weeks, crude oil imports have averaged 6.6 million bpd.
The Strategic Petroleum Reserve increased to 376.5 million barrels from 375.8 million barrels, and the U.S. continues to purchase oil for the reserve. Domestic crude production declined to 13.3 million bpd from 13.4 million bpd.
WTI crude oil prices came under pressure as traders reacted to the EIA report. From an overall perspective, traders continued to take profits after a strong rally. Some traders expect the situation in the Middle East to remain stable and the market's focus to turn to lower-than-expected oil demand.
Currently, WTI crude oil prices are trying to stabilize below $77.70 and Brent crude oil prices are heading towards the important $80.00 mark.
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