U.S. commercial crude oil inventories fell by 7.2 million barrels in the week ended July 24, against a Wall Street Journal survey of analysts that had expected a 600,000-barrel decline. The drop came as imports declined, exports rose and refineries took in more oil, and it left stocks about 7% below the five-year average for the time of year.
Commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 7.2 million barrels to 404.5 million barrels in the week ended July 24, the U.S. Energy Information Administration said. Analysts surveyed by The Wall Street Journal had expected a decline of 600,000 barrels.
The drop came as imports declined, exports rose and refineries took in more oil, according to data the agency released Wednesday. Crude stocks stood about 7% below the five-year average for the time of year.
Oil held in the SPR was down by 3.8 million barrels at 307.7 million barrels on continued emergency releases. Stocks at Cushing, Okla., the Nymex delivery hub, fell by 771,000 barrels to 18.6 million barrels.
Crude oil production held steady at 13.8 million barrels a day. Imports fell by 124,000 barrels a day to 5.7 million barrels a day. Exports, meanwhile, rose by 114,000 barrels a day to 3.5 million barrels a day.
Source: The Wall Street Journal
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