Crude oil prices declined slightly today following the U.S. Energy Information Administration's (EIA) report on weekly inventory changes. Despite a 1.2 million barrel draw in crude oil stocks, gasoline and middle distillate inventories saw significant increases. The EIA also reported higher crude oil demand in the U.S. reaching its highest level since the pandemic. Meanwhile, oil prices initially rose due to optimism surrounding China's economic growth stimulus plans.
Crude oil prices ticked lower today, after the U.S. Energy Information Administration reported an inventory draw of 1.2 million barrels for the final week of 2024 but said gasoline and middle distillate stockpiles had added a sizeable volume. The crude inventory change compared with a draw of 4.2 million barrels for the previous week, when the authority also reported a build in gasoline inventories and a draw in middle distillate stocks.
7 million barrels for the previous week, when production averaged 5.3 million barrels daily. Oil prices, meanwhile, ticked higher today, in the first trading session of the new year, following a declaration by China's president that the government will do more to stimulate economic growth. The pledge was unsurprisingly taken as bullish for oil demand. Brent crude was trading at $76.35 per barrel at the time of writing, with West Texas Intermediate at $73.
ENERGY OIL INVENTORY CHINA DEMAND
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