Energy Preview: US Crude Oil Inventories Fall 4.8 Million Barrels

10 Feb 2022 , 09:01 AM

The Energy Information Administration (EIA) reported a crude oil inventory draw of 4.8 million barrels for the week to February 4. The draw estimated by the EIA compared with an inventory decline of 1 million barrels for the previous week. Inventories remain below the seasonal five-year average supporting higher oil prices. In gasoline, the authority reported an inventory decline of 1.6 million barrels for the first week of February. This compared with a build of 2.1 million barrels for the previous week. Gasoline production averaged 9.4 million bpd last week, which compared with 8.7 million bpd during the previous week. In middle distillates, the authority reported an estimated inventory decline of 900,000 barrels for the week to February 4, which compared with a draw of 2.4 million barrels for the previous week. Middle distillate production averaged 4.7 million barrels daily during the first week of February, compared with 4.6 million bpd for the previous week.

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