The U.S. Energy
Information Administration (EIA) announced on Wednesday that crude inventories plunged
by 9.233 million barrels in the week ended January 19, following a fall of 2.492
million barrels in the previous week. This marked the
steepest weekly decline in the U.S. crude inventories since the week ended
August 25 (-9.990 million barrels). Economists had predicted a decrease of 2.150
million barrels.
At the same
time, gasoline stocks surged by 4.913 million barrels. Analysts
had foreseen a rise of 2.300 million barrels. The previous week saw an increase
of 3.083 million barrels.
Elsewhere,
distillate stocks declined by 1.417 million barrels, recording the first
weekly drop in nine weeks. Analysts had forecast a build of 0.348 million
barrels. The previous week witnessed an advance of 2.370 million barrels.
Meanwhile, oil
production in the U.S. reduced by 100,000 barrels a day to 13.200 million
barrels per day.
U.S. crude oil
imports averaged 5.6 million barrels per day last week, logging a fall of 1.8
million barrels per day from the week before.