Decrease in US Crude Oil Stocks!

A decrease was observed in the crude oil stocks of the USA. The country's commercial crude oil inventories decreased by 700 thousand barrels last week compared to the previous week. The U.S. Energy Information Administration (EIA) reported in its statement of commercial crude oil stocks that the number of barrels in the country fell by 700 thousand (0.1 percent) to 531.5 million barrels last week. The market forecast was that inventories would increase 4.1 million barrels. The country's crude oil inventories rose to 4.6 million barrels the previous week. Meanwhile, the country's commercial crude oil inventories rose for the first time since the week of January 11-17, while rising for 15 weeks. Strategic crude oil stocks, which are not included in commercial crude oil stocks, have increased by 1.9 million barrels (0.3 percent) to 639.8 million barrels. In the mentioned period, the number of barrels in the USA's gas stocks decreased by 3.5 million (1.4 percent) to 252.9 million barrels. The market forecast for gasoline stocks was that inventories would decrease by 2.2 million barrels. The country's gasoline stocks had decreased by 3.2 million barrels the previous week.

Oil Production Decreased

Last week, the United States' crude oil imports decreased by an average of 321 thousand barrels a day compared to the previous week. Oil exports decreased by an average of 21 thousand barrels per day to 3.5 million barrels. In the period in question, crude oil production of the USA decreased by an average of 305 thousand barrels per day. Accordingly, the country's daily crude oil production amounted to approximately 11.6 million barrels in the week of May 2-8. The average daily crude oil production of the USA broke a record by rising to 13.1 million barrels in the week of February 22-28. According to EIA's "May 2020 Short-Term Energy Outlook", the country's average daily crude oil production is estimated to be 11.7 million barrels this year.