US: EIA Crude Oil Stocks decrease by 3 million barrels, WTI trades near mid-$67s

Commercial crude oil inventories in the US decreased by 3 million barrels in the week ending August 20, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts' estimate was for a decrease of 2.6 million barrels.

Market reaction

This report doesn't seem to be having a significant impact on crude oil prices. As of writing, the barrel of West Texas Intermediate (WTI) was posting small losses at $67.50.

Additional takeaways

"Total motor gasoline inventories decreased by 2.2 million barrels last week."

"US crude oil refinery inputs averaged 16.1 million barrels per day during the week ending August 20."

"US crude oil imports averaged 6.2 million barrels per day last week, down by 193,000 barrels per day from the previous week."

"Total products supplied over the last four-week period averaged 21.0 million barrels a day, up by 13.4% from the same period last year."