US Crude Oil Stocks Draw
The crude oil stocks build reported by the EIA was mildly bearish to price. But it was the news of the Iranian missile attack that really impacted prices. When it became apparent that there would be no escalation of the conflict, prices collapsed from the price spike.
The DOE reported Total Crude Oil Inventories increased by 1.2 million barrels to 431.1 million barrels for the week ending January 3, 2020, while the expectations average was for a 3.6 million barrel draw.
- Total Crude Oil Inventories increased by 1.2 million barrels to 431.1 million barrels
- Total hydrocarbon supplies increased by 14.8 million barrels to 1,282 million barrels.
- Crude Oil Production was unchanged at 12.9 million barrels per day.
- Total Crude Imports increased by 400,000 barrels per day to 6.7 million barrels per day.
- Total Crude Exports decreased by 1,396,000 barrels per day to 3.1 million barrels per day.
- Total Refinery Crude Runs decreased by 400,000 barrels per day to 16.90 million barrels per day.