US crude oil inventories fall for the fourth week

According to data from the EIA Oil Situation Report, US crude oil inventories fell by 3.74 million1000 barrels in the week ending 2024/7/19, exceeding market expectations of 2.05 million barrels.

This is the fourth consecutive week of decline.

Also, inventory at the crude oil distribution base in Cushing, Oklahoma fell 1.7 million8,000 barrels, following a 0.87 million5000 barrel decrease the previous week.

Meanwhile, gasoline inventories were expected to decrease by 0.9 million barrels, while a decrease of 5.57 million barrels was 2000 barrels. Distillate oil stocks, including diesel oil and heating oil, decreased by 2.75 million3000 barrels compared to the 0.53 million barrel increase predicted by consensus.

Source: US Energy Information Administration