FX.co ★ US Crude Oil Inventories Fall More than Expected: EIA

U.S. crude oil inventories decreased by 2.392 million barrels, reaching a total of 418.3 million barrels for the week ending August 22. This decline exceeded market expectations, which had anticipated a drawdown of 2 million barrels. Additionally, crude reserves at the Cushing, Oklahoma, delivery hub fell by 838,000 barrels during the same period. Gasoline inventories also saw a reduction of 1.2 million barrels, bringing the total to 222.3 million barrels, which was below the projected decrease of 2.5 million barrels. In contrast, distillate stockpiles, encompassing diesel and heating oil, saw a reduction of 1.8 million barrels to 114.2 million barrels, defying predictions for a rise of 1.1 million barrels.