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Breaking: Oil Inventories Dropped by 2.55M Last Week – EIA

Published 01/15/2020, 11:28 PM
Updated 01/15/2020, 11:46 PM
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By Kim Khan

Investing.com – Stockpiles of U.S. crude fell more than expected in the latest week, the Energy Administration reported Wednesday, but stockpiles of refined products such as gasoline and distillates both leaped.

  • Oil inventories fell by 2.55 million barrels for the week ended Jan. 10, the EIA said. Analysts were looking for drop of 474,000 barrels.

  • Gasoline inventories jumped by about 6.7 million barrels, compared with expectations for a build of about 3.4 million barrels. Distillate stockpiles soared by about 8.2 million barrels, versus expectations for a rise of about 1.2 million barrels.

  • WTI futures fell 0.8%. They were down about 0.4% before the inventory numbers came out.

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