United States Crude Oil Stocks Change

Crude oil inventories in the US fell by 3.741 million barrels in the week ended July 19, 2024, above market expectations of a 2.05 million draw, data from the EIA Petroleum Status Report showed. It marks the fourth consecutive week of decreases. Also, crude stocks at the Cushing, Oklahoma, delivery hub down down by 1.708 million barrels, following a 875 thousand draw in the previous week. Meanwhile, gasoline stocks dropped by 5.572 million, versus forecast of a 0.9 million draw; and distillate stockpiles, which include diesel and heating oil, decreased by 2.753 million barrels, compared with consensus for a 0.53 million increase.