US oil inventories decreased by 6.7 million barrels, and gasoline production decreased by 749,000

Bayanalysis - US gasoline production fell by 749,000 barrels in the week and the 25th of June, after an increase of 401,000 in the previous period, data from the State of Petroleum report of the US Energy Information Administration "EIA" showed.

Gasoline stocks rose by 1.522 thousand barrels, defying expectations that indicated a decrease of 886,000 barrels.

US crude oil inventories recorded a decline of 6 million and 718 thousand barrels in the aforementioned period, which is the sixth consecutive decline and much larger than market expectations of a decrease of 4 million and 686 thousand barrels.

Historically, gasoline production recorded its highest rise in March 2021 by about one million and 373 thousand barrels, while the highest decline in gasoline production in the United States was recorded during April 2020, down by one million and 638 thousand barrels.

And US crude oil inventories recorded their largest increase by 21 million and 563,000 barrels in February 2021, while the largest decline in American oil stocks was in January 1999 by 15 million and 220 barrels.