EIA’s report reveals much-bigger-than-expected decline in U.S. crude oil inventories

Market news

3 January 2020

EIA’s report reveals much-bigger-than-expected decline in U.S. crude oil inventories

The U.S. Energy Information Administration (EIA) revealed on Friday that crude inventories tumbled by 11.463 million barrels in the week ended December 27. Economists had forecast a drop of 3.288 million barrels.

At the same time, gasoline stocks surged by 3.212 million barrels, while analysts had expected an increase of 2.062 million barrels. Distillate stocks jumped by 8.776 million barrels, while analysts had forecast an advance of only 0.500 million barrels.

European stocks closed: FTSE 100 7,622.40 +18.10 +0.24% DAX 13,219.14 -166.79 -1.25% CAC 40 6,044.16 +2.66 +0.04%

U.S.: Crude Oil Inventories, December -11.463 (forecast -3.288)

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