Data from the US Department of Energy showed that US commercial crude oil inventories fell to 426.2 million barrels in mid-August, signaling a shortage in the world’s largest economy.
In the week of August 9-16 this year, commercial crude oil stocks in the United States decreased by 4.65 million barrels, bringing the total down to 426.2 million barrels. Despite the tight supply, US authorities remain optimistic about the outlook.
US crude oil inventories were 5% below their 5-year average in mid-August, according to the Department of Energy. Meanwhile, the country's average daily oil production increased by 100,000 barrels over the last month of summer, reaching 13.4 million barrels per day.
During the reporting period, US commercial gasoline inventories also fell by 1.61 million barrels to 228 million barrels. Stocks of commercial distillate fuels decreased by 3.31 million barrels to 122.9 million barrels, the Energy Department said.
According to earlier predictions, August 2024 could be a challenging month for the global oil market. Analysts attribute this gloomy outlook to the recent collapse of the American equity market and the risk of a recession in the United States. In light of these factors, experts anticipate a possible short-term rise in hydrocarbon prices.