Energy Preview: EIA data shows crude stockpiles fall by 6 million barrels to 420.7 million barrels

Crude oil inventories in the United States decreased by 6 million barrels during the week ending August 15, after growing by 3 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 420.7 million barrels according to government data, which is 6% below the five-year average for this time of year. The EIA?s data release follows API?s figures that were released a day earlier, which suggested that crude oil inventories contracted by 2.4 million barrels. For total motor gasoline, the EIA reported a decrease of 2.7 million barrels, after the week prior?s 800,000-barrel dip. For middle distillates, inventories increased by 2.3 million barrels, with production increasing to 5.3 million barrels daily.

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