Crude oil inventories in the U.S. decreased last week, according to data released by the Energy Information Administration (EIA) on Friday.
Commercial crude oil inventories decreased by 11.5 million barrels, or 2.6%, to 429.9 million barrels for the week ending Dec. 27, the EIA data showed. The market expectation was a decline of 3.2 million barrels. Inventories fell by 5.5 million barrels during the previous week.
Strategic petroleum reserves, which are not included in the commercial crude stocks, remained unchanged at 635 million barrels last week, the data revealed.
Gasoline inventories showed an increase of 3.2 million barrels, or 1.3%, to 242.5 million barrels during that period, the previous week saw gasoline inventories increase by 2 million barrels.
The U.S.’ crude oil imports down by 457,000 barrels per day to reach 6.35 million barrels per day for the week ending Dec. 27, but crude oil exports saw an increase of 1.06 million per barrel to 4.46 million barrels per day, according to the EIA data.
Crude oil production in the U.S. remained unchanged at 12.9 million barrels per day for the week ending Dec. 27, the EIA data showed.
Crude oil production in the U.S. is expected to average 13.2 million barrels per day in 2020, according to the EIA’s Short-Term Energy Outlook report for December.