Energy Preview: US Crude Inventories Fall 1.7 Million Barrels

Crude oil inventories in the United States saw a decrease of 1.7 million barrels during the week ending July 10, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 409.7 million barrels, according to government data, which are now 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 reported that crude oil inventories saw a small draw of 564,000 barrels in the period. For total motor gasoline, the EIA reported that inventories had decreased by 1.5 million barrels, compared to the week prior's 1.9 million barrel draw. The most recent figures showed that average daily gasoline production decreased to 9.6 million barrels.

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