The Energy Information Administration (EIA) recently released its report on U.S. commercial crude inventories, revealing a surprising decrease of 1.5 million barrels for the week ending June 30[^1^]. This figure exceeds the expectations of analysts polled by S&P Global Commodity Insights, who had forecasted a decline of 3.6 million barrels[^1^].
Gasoline and Distillate Stocks Also Experience Decreases
In addition to the decline in crude inventories, the EIA report shows weekly decreases of 2.5 million barrels for gasoline and 1 million barrels for distillates[^1^]. Analysts had predicted smaller decreases, with forecasts of 1.7 million barrels for gasoline and 700,000 barrels for distillates[^1^].
Cushing, Okla. Crude Stocks Experience Modest Decrease
The EIA also reported a modest decrease of 400,000 barrels in crude stocks at the Cushing, Okla., Nymex delivery hub for the week[^1^].
Oil Futures React to Inventory Data
Following the release of the EIA report, August West Texas Intermediate crude experienced a slight decline of 69 cents, or 1%, reaching $71.10 per barrel on the New York Mercantile Exchange[^1^]. Prior to the supply data, prices had been trading at $70.83[^1^].
[^1^]: “The Energy Information Administration on Thursday reported that U.S. commercial crude inventories fell by 1.5 million barrels for the week ended June 30. On average, analysts polled by S&P Global Commodity Insights expected the report, which was released a day later than usual due to Tuesday’s Fourth of July holiday, to show a decline of 3.6 million barrels. The EIA report also revealed weekly inventory decreases of 2.5 million barrels for gasoline and 1 million barrels for distillates. Analysts had forecast weekly decreases of 1.7 million barrels for gasoline and 700,000 barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub edged down by 400,000 barrels for the week, the EIA said. Oil futures pared some of its earlier losses, with August West Texas Intermediate crude CLQ23, -1.38% down 69 cents, or 1%, at $71.10 a barrel on the New York Mercantile Exchange. Prices traded at $70.83 before the supply data.”