U.S. Crude Oil Stocks Decreased

U.S. Crude Oil Stocks Decreased U.S. crude oil stocks decreased. Inventories, down 4.4 million barrels, saw the lowest level since April. The US Energy Information Administration (EIA) announced that commercial U.S. crude oil stocks decreased by 4.4 million barrels (0.9 percent) last week to 496 million barrels. Market estimates were that stocks would increase by about 1.3 million barrels. Strategic crude oil stocks, which are not included in commercial crude oil stocks, decreased to 645.7 million barrels. During this period, the gasoline stocks of the USA decreased by 400 thousand barrels (0.2 percent) and fell to 231.5 million barrels.   Increase in Oil Production While the crude oil imports of the USA were approximately 5 million barrels with an average daily decrease of 416 thousand barrels compared to the previous week; Oil exports, on the other hand, decreased by an average of 349 thousand barrels per day to 2.6 million barrels. The daily crude oil production of the USA increased by 902 thousand barrels in the week of September 5-11 and reached the level of approximately 11.4 million barrels. According to the EIA's "September 2020 Short-Term Energy Outlook Report", the average daily production of US crude oil is estimated to be 11.4 million barrels this year.