US inventories of crude Oil and Oil products fell significantly – Commerzbank | FXStreet

US crude Oil inventories fell by 6.9 million barrels last week, according to the US Department of Energy, Commerzbank’s commodity analyst Carsten Fritsch notes.

Crude Oil is well below its five-year averages

“Gasoline stocks fell by 5.9 million barrels and distillate stocks by 3.4 million barrels. The decline in crude Oil inventories was caused by a sharp drop in (net) imports, which more than offset weaker crude Oil processing. The latter contributed to the decline in gasoline and distillate stocks, with stronger demand also contributing to the drop in gasoline stocks.”

“Crude Oil and distillate inventories are thus well below their five-year averages again. Gasoline inventories are also below seasonal levels again, albeit only slightly. As the API had reported similarly sharp declines in inventories the day before, the level of surprise was limited, and Oil prices rose only slightly after the release.”