US oil stocks dropped to lowest since November 2019

According to a weekly survey by the Energy Information Administration of the US Department of Energy, oil production in the country remained at the level of the previous week at 11.1 million barrels per day. Oil production last year averaged 11.31 million barrels per day.

It is worth noting that the US Department of Energy on June 8 raised the forecast for the average oil production in the country for 2021 to 11.08 million barrels per day, while for 2022, on the contrary, lowered it to 11.79 million barrels per day.

Commercial oil reserves in the United States (excluding the strategic reserve) decreased by 1.5%, or 6.7 million barrels, to 452.3 million barrels. Analysts had expected a decline of 4.7 million barrels. The current figure has dropped to a minimum since 2019: then it was 451.9 million barrels.

The country's strategic oil reserve also fell by 1.4 million barrels, or 0.2%, to 622.5 million barrels.

Gasoline inventories in the United States for the week increased by 1.5 million barrels (0.6%), to 241.6 million barrels. Distillate stocks fell 0.9 million barrels, or 0.6%, to 137.1 million barrels, while an increase of 0.5 million barrels was predicted.