The commercial crude oil stocks of the USA decreased by 7 million 300 thousand barrels last week compared to the previous week.
The US Energy Information Administration (EIA) announced that the commercial crude oil stocks in the country fell by 7 million 300 thousand barrels (1.5 percent) last week to 461 million 800 thousand barrels.
The market expectation was that the stocks would decrease by approximately 2 million 200 thousand barrels.
Strategic crude oil stocks, which are not included in the commercial crude oil stocks, decreased by 100 thousand barrels to 637 million 800 thousand barrels.
In the said period, the gasoline stocks of the USA increased by 700 thousand barrels (0.3 percent) to 257 million 100 thousand barrels.
Oil production decreased
The crude oil imports of the USA increased by an average of 41 thousand barrels per day compared to the previous week, and oil exports increased by 1 million 245 thousand barrels per day to 3 million 862 thousand barrels.
The daily crude oil production of the country decreased by 209 thousand barrels in the week of February 6-12, reaching approximately 11 million 298 thousand barrels.
According to the EIA’s February 2021 Short-Term Energy Outlook Report, the average daily crude oil production of the US is expected to be 11 million barrels this year and 11 million 530 thousand barrels next year.