Investing.com – Stocks fell less than expected last week, the Energy Information Administration said on Wednesday.
fell 562,000 barrels last week, compared with analysts’ expectations of a reduction of 3.18 million barrels.
inventories, which include diesel, fell 3.2 million barrels in the week against expectations of a drop of 904,000 barrels, the EIA data showed.
fell 169,000 barrels last week, the EIA said. The weekly rate fell 1.1%, according to the report.
fell 1.12 million barrels last week, the EIA said, compared to expectations for a 1.2 million barrel construction.
“The EIA metaphorically put some gas in the tank of the oil bulls, although in real terms, its latest data set absorbed some of the pressure that accumulated in the oil complex for weeks, especially on the fuel products side,” said the Investing.com analyst Barani Krishnan. “Although the extraction of oil at 562,000 barrels is less than a fifth of the expected 3.2 million barrels, it comes in at the back of 140,000 more barrels per day in imports. The increase in exports was, however, offset by an increase of around 500,000 bpd in exports. This shows where crude oil came from. “
Krishnan added: “For the driving component, gasoline consumption will be a relief, as it is the first reduction in seven weeks. This is a good surprise, as people generally don’t drive like crazy at this time of year. For spirits, is the first drop in four weeks and necessary to follow the theme of higher deliveries for the holiday season by trucks that operate from coast to coast in the country. Not surprisingly, both WTI and they took it positively and recovered after a 2- fall of the day. However, a data set does not trend. We will have to see the numbers for the coming weeks as winter deepens, holiday deliveries end and Covid takes on a whole new control over the country. “
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