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Commodity Pre Session News

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(27 Feb 2025, 08:38)

Energy Preview: EIA Confirms Crude Inventory Draw of 2.3 million barrels


Crude oil inventories in the United States saw a decrease of 2.3 million barrels during the week ending February 21, according to new data from the U.S. Energy Information Administration released on Wednesday. The American Petroleum Institute (API) reported on Tuesday a dip of 640,000 barrels in U.S. crude oil inventories. Thus dip in crude inventories partially offsets the 4.6 million barrel build that the EIA estimated for the week prior. For total motor gasoline, the EIA estimated that inventories increased by 400,000 barrels for the week to February 21, with production averaging 9.2 million barrels daily. This compares with an inventory slump of 200,000 barrels for the previous week and an average daily production of 9.2 million barrels daily.

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