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US Oil Consumption Up 2 Weeks in Row as Late Summer Demand Increases - Energy Agency

© REUTERS / ANGUS MORDANTThe sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019.
The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. - Sputnik International, 1920, 25.08.2021
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NEW YORK, (Sputnik) - Weekly drawdowns in US crude oil and gasoline were higher than expected for a second week in a row, data from the Energy Information Administration (EIA) showed on Wednesday, suggesting a late summer season spike in energy demand.
US commercial crude oil inventories fell by 2.98 million barrels in the week to August 20, the EIA said in its Weekly Petroleum Status Report.
Analysts polled by US media had expected a drawdown of 2 million barrels instead. In the previous week to August 13, crude stockpiles fell by 3.23 million barrels versus a forecast drop of 1.06 million.
Gasoline stockpiles also fell more than expected last week, drawing down 2.24 million barrels against an expected decline of 1.5 million, the EIA data showed.
Distillate inventories bucked the trend, rising by 645,000 barrels versus an expected slide of 900,000.
US oil demand was overwhelmingly strong in the first two months of summer, with almost 50 million barrels of crude being drawn down at one point over nine straight weeks by refiners to produce gasoline - the main motor fuel during the peak of the driving season.
Since, a resurgence of coronavirus cases have put a damper on oil demand, causing spotty demand trends. US oil prices have also been volatile lately, falling from around $70 a barrel three weeks ago to just above $62 at the start of this week, before recovering to above $67 now.
 
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