Crude Oil Inventories Miss Expectations, Fall 2.2 Million Barrels

Oklahoma, US oil


Headline: Crude oil inventories fell 2.2 million barrels, missing estimates. Crude oil futures barely moved on the news.While gasoline inventories were up 1.4 million barrels, from previous weeks 3.5 million barrel drop.

Expectations: Crude oil inventories for the week ending August 19 are expected to increase by 1.75 million barrels.

Analysis: Crude oil inventories increased by 4.2 million the previous week.

Crude oil futures have remained mostly flat ahead of the EIA report. If inventories come in low we can expect crude oil prices to gain

This after the  American Petroleum Institute’s on Tuesday said U.S. crude stocks fell 3.3 million barrels.