Oil reserves in the United States decreased less than forecast

According to the weekly report of the U.S. Energy Information Administration (EIA), commercial oil reserves, excluding the strategic reserve, decreased by 0.7 million barrels, or 0.2%, to 457.4 million barrels for the week ended July 14.

Analysts had expected a decrease in inventories by 2.4 million barrels. Oil reserves at the largest terminal in Cushing decreased from 41.2 million to 38.3 million barrels.

Gasoline inventories decreased by 1.1 million barrels, or 0.5%, to 218.4 million barrels, while analysts expected a reduction of 1.6 million barrels. Distillate stocks remained at the level of last week — 118.2 million barrels, while an increase of 0.5 million was forecast.

Oil production in the United States for the week remained at the level of the previous week and amounted to 12.3 million barrels per day. On average, over the past four weeks, oil production in the United States also amounted to 12.3 million barrels per day. All last year, the average production was estimated at 11.89 million barrels per day.

Recall, on July 11, the Ministry of Energy lowered the forecast of average oil production in the country for the current year by 50 thousand barrels per day to 12.56 million barrels, and for 2024 increased by 80 thousand barrels per day to 12.85 million barrels per day.