EIA Crude Oil Stocks Fall By 4.756M Barrels

Versus the expected 369K Increase, commercial crude oil inventories in the US dropped by 4.756 million barrels in the week ending on 5 February, a weekly report published by the US Energy Information Administration revealed on Wednesday. Market consensus pointed to an increase in crude oil stocks.

Distillate stocks saw a smaller than expected decline of 929K barrels (forecasts were for a 1.7M barrel build). Gasoline stocks also dropped unexpectedly by 1.644M against market consensus of a 1.623M increase. As for market’s reaction, the WTI crude rose after the report hitting fresh daily highs above $89.00.