US commercial crude oil inventories fell by 1.9% in the week ending June 12, according to data released by the Energy Information Administration (EIA) on Wednesday.
Inventories declined by around 8.3 million barrels to 418.2 million barrels, well above market expectations for a draw of about 3.6 million barrels, leaving commercial crude oil inventories about 6% below the five-year average for this time of year.
Strategic petroleum reserves, which are excluded from commercial crude stocks, also fell by about 8.9 million barrels to 340.3 million barrels, the data revealed.
Over the same period, gasoline inventories decreased by approximately 900,000 barrels to 214.2 million barrels.
- Crude production increases
EIA data showed that US crude oil production rose by 7,000 barrels per day (bpd) to about 13.81 million bpd during the week ending June 12.
US crude oil imports decreased by 754,000 bpd to around 5.13 million bpd, and exports fell by 513,000 bpd to about 4.33 million bpd over the same period.
In its Short-Term Energy Outlook (STEO) released on June 9, the EIA forecasted that US crude oil output would average 13.72 million bpd in 2026.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr
