US Crude Stockpiles Dip, Gasoline Builds as Demand Slackens: EIA

“The demand destruction is only still two weeks but sufficient to say it’s there. That's the big takeaway,” analyst John Kilduff, said after U.S. gasoline inventories posted a larger-than-expected build on weakened demand.

David Gaffen, Reuters

U.S. crude oil stockpiles edged lower last week but gasoline inventories posted a larger-than-expected build on weakened demand, the Energy Information Administration (EIA) said on July 20.

Crude inventories fell by 446,000 barrels in the week to July 15 to 426.6 million barrels, compared with expectations in a Reuters poll for a 1.4 million-barrel rise.

Demand figures rebounded from the previous week’s sharp fall, and product supplied rose to 21 million bbl/d. However, gasoline demand continued to sag, and supply of that product over the last four weeks was 8.7 million bbl/d, or about 7.6% lower than the same time a year ago.

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