EIA crude oil inventory declines more than expected

On December 5, 2019, the US Energy Information Agency (EIA) released a report on Wednesday (December 4) showing that US crude oil inventory decreased again last week, but gasoline and refined oil inventory increased both. According to EIA, as of the week of November 29, US crude oil inventory decreased by 4856 barrels to 447.1 million barrels. After five consecutive weeks of growth, it fell again, the largest decline since the week of September 13 (12 weeks). The market is expected to reduce by 116600 barrels. More data show that the crude oil inventory in Cushing, Oklahoma, decreased by 302000 barrels last week, recording a decline for four consecutive weeks. US refined oil inventory increased by 3.063 million barrels, the largest increase since the week of July 19 (20 weeks), and the market is expected to increase by 137000 barrels. Gasoline inventory in the United States increased by 3.385 million barrels, recording growth for four consecutive weeks, and the market is expected to increase by 1.404 million barrels. Last week, U.S. crude oil exports fell 345000 barrels per day to 3.135 million barrels per day, a further decline after three consecutive weeks of growth; last week, U.S. crude oil imports fell 201000 barrels per day to 5.989 million barrels per day. According to the EIA data, the capacity utilization rate of the refinery increased by 2.6% to 91.9%. In addition, domestic crude oil production in the United States was flat last week at a record high of 12.9 million barrels per day.