Energy Preview: US crude inventories fall by 3.9 million barrels, says EIA

Crude oil inventories in the United States decreased by 3.9 million barrels during the week ending July 11, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 422.2 million barrels according to government data, which is still 8% below the five-year average for this time of year. For total motor gasoline, the EIA reported an increase of 3.4 million barrels, even with daily production falling to 9.1 million barrels. For middle distillates, inventories rose by 4.2 million barrels, with production slightly decreasing to 5 million barrels daily. Despite the inventory build, distillate inventories are still 21% below the five-year average for this time of year.

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