The US Energy Information Administration says that commercial crude oil stocks fell to their lowest levels since November 2002, and less than expected.
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Commercial crude oil inventories fell 2.1 million barrels to 417.9 million barrels
Today, Wednesday, official data showed a less-than-expected decline in US crude stocks, coinciding with recording records in the number of new infections with the new Corona virus, which exceeded one million infections per day in the United States.
The US Energy Information Administration said that commercial crude oil stocks fell by 2.1 million barrels to 417.9 million barrels in the week ending December 31, 2021.
The decline in crude stocks in the United States came less than analysts’ estimates, who had expected a decline of about 3.3 million barrels.
Following this new decline, US crude stocks fell to their lowest level since November 2002.
On the other hand, stocks of motor fuel (gasoline) jumped by 10.1 million barrels last week, the fastest weekly pace since April 2021, according to data from the Energy Information Administration.
Distillate stocks, which include diesel, heating oil and jet fuel, increased by 4.4 million barrels.
The significant increase in gasoline and distillate stocks reflects the decline in fuel demand in the world’s largest economy, which is facing an unprecedented wave of the outbreak of the Corona pandemic.
It is noteworthy that the number of Corona virus infections in the United States exceeded yesterday, Tuesday, one million and 77 thousand cases during the past 24 hours, according to data from Johns Hopkins University in the United States.
The Energy Information Administration said that US crude oil imports averaged 5.9 million barrels per day last week, down 900,000 barrels from the previous week’s average daily.
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