US Crude Oil Stocks Draw
There was only a muted price response to the crude oil stocks draw and prices traded in a relatively narrow range for the day. Prices have retreated about $6 since spiking up from the news of the US drone attack in Iraq. Crude stocks have drawn about 50 million barrels since last June and the signing of the Phase One trade agreement will probably support prices at their current level.
The DOE reported Total Crude Oil Inventories decreased by 2.5 million barrels to 428.5 million barrels for the week ending January 10, 2020, while the expectations average was for a .5 million barrel draw.
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- Total Crude Oil Inventories decreased by 2.5 million barrels to 428.5
- Total hydrocarbon supplies increased by 14.5 million barrels to 1,296 million barrels.
- Crude Oil Production was up 100,000 barrels per day at 12.9 million barrels per day.
- Total Crude Imports increased by 200,000 barrels per day to 6.6 million barrels per day.
- Total Crude Exports increased by 415,000 barrels per day to 3.5 million barrels per day.
- Total Refinery Crude Runs increased by 100,000 barrels per day to 16.97 million barrels per day.