U.S. Markets closed

US Crude Oil Inventories Are 2% below Their Five-Year Average

Gordon Kristopher
US Crude Oil Inventories Are 2% below Their Five-Year Average

Yesterday, the EIA (U.S. Energy Information Administration) released its oil inventory report. It reported that US crude oil inventories increased by 5.8 MMbbls (million barrels) to 411 MMbbls between July 6 and 13, but fell by ~80 MMbbls (16.2%) YoY (year-over-year). A Reuters survey had earlier estimated that US crude oil inventories fell 3.6 MMbbls last week.