EIA: US Crude Oil Stocks Change +9 million barrels in week ending Apr. 24

Commercial crude oil inventories in the United States increased by 9 million barrels in the week ending April 24th, the Energy Information Administration (EIA) announced in its Weekly Petroleum Status Report on Wednesday. This reading came in lower than the market expectation for an increase of 10.6 million barrels.

Market reaction

Crude oil's reaction to the data was relatively muted. The barrel of West Texas Intermediate (WTI) was last seen trading at $15.50, where it was up 16.6% on a daily basis.

Additional takeaways

"US crude oil refinery inputs averaged 12.8 million barrels per day during the week ending April 24, 2020, which was 305,000 barrels per day more than the previous week’s average." 

"Total products supplied over the last four-week period averaged 14.5 million barrels a day, down by 28.0% from the same period last year."

"Over the past four weeks, motor gasoline product supplied averaged 5.3 million barrels a day, down by 43.7% from the same period last year."