The weekly report published by the US Energy Information Administration (EIA) revealed that commercial crude oil inventories in the US increased by 1.1 million barrels in the week ending September 13 compared to analysts estimate for a draw of 2.5 million barrels.
The market reaction to the EIA report was relatively muted and the barrel of West Texas Intermediate was last seen trading at $58.40, losing 0.6% on a daily basis.
Key takeaways from the press release
"Refineries operated at 91.2% of their operable capacity last week."
"Gasoline production decreased last week, averaging 9.5 million barrels per day. Distillate fuel production decreased last week, averaging 5.1 million barrels per day."
"Total products supplied over the last four-week period averaged 21.4 million barrels per day, virtually unchanged from the same period last year."