US: EIA Crude Oil Stocks Change at -6.1 million, WTI clings to gains above $48

• Oil stocks in the US declined more than expected last week.
• WTI continues to trade in the positive territory above $48.

Crude Oil Stocks Change in the US was -6.1 million barrels in the week ending December 125, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts estimate was for a decrease of 2.5 million barrels.

Market reaction

The barrel of West Texas Intermediate (WTI) edged slightly higher after this report and was last seen gaining 0.45% on the day at $48.30.

Additional takeaways

"US crude oil refinery inputs averaged 14.3 million barrels per day during the week ending December 25, 2020, which was 273,000 barrels per day more than the previous week’s average."

"US crude oil imports averaged 5.3 million barrels per day last week, down by 238,000 barrels per day from the previous week."

"Total products supplied over the last four-week period averaged 19.1 million barrels a day, down by 6.4% from the same period last year."