US Crude Oil Stocks Draw
The news of the spread of coronavirus outside the Chinese city of Wuhan and the first confirmed case in the United States have pressured crude oil prices. The concern is that the Chinese economy will be harmed and reduce global demand for crude oil.
The DOE reported Total Crude Oil Inventories decreased by 405,000 barrels to 428.1 million barrels for the week ending January 17, 2020, while the expectations average was for a 1 million barrel draw.
- Total Crude Oil Inventories decreased by 2.5 million barrels to 428.5
- Total hydrocarbon supplies decreased by 1.9 million barrels to 1,294 million barrels.
- Crude Oil Production was unchanged at 13.0 million barrels per day.
- Total Crude Imports decreased by 100,000 barrels per day to 6.4 million barrels per day.
- Total Crude Exports decreased by 67,000 barrels per day to 3.4 million barrels per day.
- Total Refinery Crude Runs decreased by 100,000 barrels per day to 16.86 million barrels per day.