USA's Crude Oil Stocks Decreased

USA's Crude Oil Stocks Decreased USA's crude oil stocks decreased. Inventories decreased by 2 million barrels compared to last week. Commercial crude oil stocks in the country fell by 2 million barrels (0.4 percent) last week to 492.4 million barrels, according to data released by the US Energy Information Administration (EIA). Markets predicted that stocks would increase by around 1.4 million barrels. Strategic crude oil stocks, which are not included in commercial crude oil stocks, fell to 643.2 million barrels. In the mentioned period, the gasoline stocks of the USA increased by 700 thousand barrels (0.3 percent) and reached 228.2 million barrels.   Increase in Oil Production While the crude oil imports of the USA decreased by an average of 45 thousand barrels per day compared to the previous week to approximately 5.12 million barrels, oil exports increased by an average of 490 thousand barrels per day to 3.5 million barrels. The daily crude oil production of the USA increased by 36 thousand barrels in the week of 19-25 September and was approximately 11,144 million barrels. According to the US Energy Information Administration's (EIA) 'Short Term Energy Outlook Report for September 2020', the average daily production of US crude oil this year is estimated to be 11.4 million barrels.