Energy Preview: US EIA crude inventories post large draw of 11.5 million barrels

Crude oil inventories in the United States fell by 11.5 million barrels during the week ending June 13, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The drop brings commercial stockpiles to 420.9 million barrels, roughly 10% below the five-year average for this time of year. The American Petroleum Institute (API) on Tuesday had estimated a 10.133-million-barrel drop for the week ending June 13. For total motor gasoline, the EIA reported a smaller build of 200,000 barrels, with daily production climbing to 10.1 million barrels?up from 9.7 million the previous week.

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