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

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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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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