US: EIA Crude Oil Stocks increase by 3.6 million barrels, WTI trades below $69

Commercial crude oil inventories in the US increased by 3.6 million barrels in the week ending July 30, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts' estimate was for a decrease of 3.1 million barrels.

Market reaction

Crude oil prices remain under heavy selling pressure after this report. As of writing, the barrel of West Texas Intermediate was down 2% on the day at $68.80.

Additional takeaways

"Total motor gasoline inventories decreased by 5.3 million barrels last week."

"US crude oil refinery inputs averaged 15.9 million barrels per day during the week ending July 30, 2021, which was 46,000 barrels per day more than the previous week’s average."

"US crude oil imports averaged 6.4 million barrels per day last week, down by 75,000 barrels per day from the previous week."

"Total products supplied over the last four-week period averaged 20.5 million barrels a day, up by 12.4% from the same period last year."