In a significant shift, U.S. crude oil inventories dropped far beyond expectations for the week ending September 20th, as reported by the Energy Information Administration (EIA) on Wednesday.
According to the EIA’s findings, crude oil inventories declined by 4.5 million barrels last week, following a decrease of 1.6 million barrels the week before. This figure starkly contrasts with economists' projections, who had anticipated a modest decline of 1.2 million barrels.
Currently, U.S. crude oil inventories stand at 413.0 million barrels, approximately 5 percent below the five-year average for this period of the year.
The report also highlighted a reduction in gasoline inventories, which fell by 1.5 million barrels last week, positioning them about 1 percent below the five-year average for this season.
Additionally, distillate fuel inventories, encompassing heating oil and diesel, saw a decrease of 2.2 million barrels last week, bringing them to approximately 9 percent below the five-year average for this time of year.
