US Crude Oil Stocks Declined

US crude oil stocks declined. The country's commercial crude oil stocks decreased by 8 million barrels. According to data released by the US Energy Information Administration (EIA), commercial crude oil stocks in the country fell by 8 million barrels (1.6 percent) last week to 485.5 million barrels. The expectation of the market was that the stocks would decrease by 1.5 million barrels. Strategic crude oil stocks, which were not included in commercial crude stocks, remained unchanged and remained at 638.1 million barrels. In the mentioned period, the gasoline stocks of the USA increased by 4.5 million barrels (1.9 percent) to 241.1 million barrels.   Increase in Crude Oil Imports The crude oil imports of the USA reached approximately 5.4 million barrels, with an average increase of 43 thousand barrels per day compared to the previous week, while oil exports increased by an average of 7 thousand barrels per day to 3.6 million barrels. The daily crude oil production of the country increased by 1000 barrels in the week of December 26-January 1 and reached approximately 11.5 million barrels. According to the EIA's December 2020 Short-Term Energy Outlook Report, the average daily production of US crude oil is estimated to be 11.3 million barrels this year and 11.1 million barrels next year.