Data from the US government showed today, Wednesday, that oil stocks in the United States decreased by one million barrels during the week ending May 20, to 419.8 million barrels, compared to the expectations of analysts polled by Archyde.com, who were referring to a decline of 737 thousand barrels.
The Energy Information Administration said crude stocks at the delivery center in Cushing, Oklahoma, fell by 1.1 million barrels last week. The data indicated that gasoline stocks fell 482,000 barrels to 219.7 million barrels, while it was expected to fall by 634,000 barrels.
Distillate stocks, which include diesel and heating oil, rose 1.7 million barrels to 106.9 million barrels, versus expectations for an increase of 917,000 barrels.
The data stated that crude stocks in the US Strategic Petroleum Reserve fell 6 million barrels to 532.01 million, the lowest level since September 1987.
The Energy Information Administration also said that net US imports of oil fell by 903,000 barrels per day last week to 2.15 million barrels per day. Meanwhile, US exports of crude oil rose to the highest level since March 2020.
Source: Arabic