The US Power Information Administration (EIA) announced that commercial crude oil inventories in the country decreased by 1 million barrels (0.2 percent) to 419 million 800 thousand barrels last week. The market expectation was that inventories would decrease by about 690 thousand barrels.
Strategic crude oil stocks, which are not included in commercial crude oil stocks, decreased by 6 million barrels (1.1 percent) to 532 million barrels.
In the said period, the fuel stocks of the USA decreased by 500 thousand barrels (0.2%) to 219 million 700 thousand barrels.
OIL PRODUCTION INCREASED
The US’s crude oil imports decreased by 82 thousand barrels per day compared to the previous week and reached 6 million 486 thousand barrels, while exports increased by 821 thousand barrels per day on average to 4 million 341 thousand barrels.
The country’s daily crude oil production increased by 13 thousand barrels in the week of May 14-20 and reached 12 million 360 thousand barrels.
According to the EIA’s “May 2022 Short Cycle Power Outlook Report, the average daily crude oil production of the USA is expected to be 11 million 910 thousand barrels in 2022 and 12 million 850 thousand barrels next year.