EIA Reports Drawdown in Crude Stockpiles, but WTI Crude Trades Lower - Forex News by FX Leaders
WTI crude oil

EIA Reports Drawdown in Crude Stockpiles, but WTI Crude Trades Lower

Posted Thursday, July 18, 2019 by
Arslan Butt • 1 min read

Early on Thursday, WTI crude oil prices continued their decline for a fourth consecutive day over a sharp rise in US inventories of refined petroleum products. At the time of writing, WTI crude oil is trading at around $56.82 per barrel.

The EIA report released on Wednesday revealed a higher than expected drawdown in US crude stockpiles during the previous week. According to the report, crude inventories in the US fell 3.1 million barrels lower, while expectations were for a 2.7 million barrel decline. However, gasoline stocks and distillate stockpiles increased significantly, exceeding the forecast.

Gasoline stocks were up 3.6 million barrels against a 925k barrel decline forecast, while distillate stockpiles increased by 5.7 million barrels, far higher than the expectations which were for a 613k barrel increase.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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