US: EIA Crude Oil Stocks Change arrives at +0.6 million barrels, WTI rises above $62

Crude Oil Stocks Change in the US was +0.6 million barrels in the week ending April 16, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts' estimate was for a draw of 2.9 million barrels.

Market reaction

The barrel of West Texas Intermediate (WTI) extended its rebound from daily lows after this report and was last seen posting small daily losses at $62.10.

Additional takeaways

"US crude oil refinery inputs averaged 14.8 million barrels per day during the week ending April 16, 2021, which was 286,000 barrels per day less than the previous week’s average."

"US crude oil imports averaged 5.4 million barrels per day last week, down by 448,000 thousand barrels per day from the previous week."

"Total products supplied over the last four-week period averaged 19.7 million barrels a day, up by 30.7% from the same period last year."