"Commodity" U.S. EIA crude oil inventories fell by 1.934 million barrels last week, exceeding expectations

Data from the U.S. Energy Information Administration (EIA) shows that for the week ending December 26, U.S. crude oil inventories (excluding the Strategic Petroleum Reserve) recorded a decrease of 1.934 million barrels, marking the largest weekly decline since mid-November and significantly higher than the market expectation of a 900,000-barrel decrease. However, commercial crude oil inventories still reached 422 million barrels by the end of the year, well above the historical average, reflecting a global market oversupply.

At the same time, gasoline inventories surged by 5.845 million barrels, far exceeding the expected increase of 1.9 million barrels, while distillate inventories also rose by 4.977 million barrels, again higher than the expected increase of 2.2 million barrels, highlighting the continued oversupply pressure on refined products