Inventories fell 10.6 million barrels as of July 24, to settle at 526.0 million. Analysts had anticipated an average increase of 450,000 barrels.
“Three elements of the report explain this decrease: the increase in exports, the fall in imports and the acceleration in the pace of refineries,” says John Kilduff of Again Capital.
Exports increased from 2.99 million barrels per day (mbd) to 3.21 mbd, while imports fell from 5.94 mbd to 5.15 mbd.
The refineries for their part operated at 79.5% of their capacity, 1.4% more than the previous week.
Oil reserves have declined, particularly in the Gulf of Mexico coast region, where they have suffered a collapse of more than 10 million barrels.
Infobae He noted that in Cushing, Oklahoma, where several New York-listed WTI oil storage tanks are located, reserves decreased by just over a million barrels.
However, Kilduff estimated that these figures “they are misleading. “He also noted that” refinery rates are still remarkably low “for this time of year.
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He clarified that the unexpected drop in crude stocks is not necessarily synonymous with a rebound in oil demand.
The agency noted that gasoline stocks, meanwhile, increased by 700,000 barrels, when analysts expected a decrease of 2 million barrels.
Distilled products (heating oil and diesel) increased by 500,000 barrels, twice less than the market expected.
“With uncertainties related to covid-19, which continue to strongly affect US and global demand, it seems unlikely that a barrel will exceed $ 45 in the near future,” said Bart Melek of TD Securities.
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