US crude oil inventories down 0.9% for week ending Aug. 2

US commercial crude oil inventories decreased by 0.9% during the week ending Aug. 2, according to data released by the Energy Information Administration (EIA) late Wednesday.

Inventories declined by about 3.7 million barrels to 429.3 million barrels, compared to the market prediction of a fall of around 1.6 million barrels.

Strategic petroleum reserves, which are excluded from commercial crude stocks, increased by about 700,000 barrels to 375.8 million barrels last week, the data revealed.

Over the same period, gasoline inventories rose by approximately 1.3 million barrels to 225.1 million barrels.

– Crude production rises

EIA data showed that US crude oil production increased by 119,000 barrels per day (bpd) to around 13.8 million bpd during the week ending Aug. 2.

US crude oil imports decreased by 729,000 bpd to about 6.22 million bpd, and exports fell by 1.28 milion bpd to approximately 3.64 million bpd over the same period.

In the Short-Term Energy Outlook (STEO) released on Aug. 6, the EIA predicted that crude oil output in the country would reach an average of 13.23 million bpd this year.

Next year, crude oil output in the country is expected to reach 13.69 million bpd.

• Energy Information Administration (EIA)
• Short-Term Energy Outlook (STEO)