Stocks of crude oil in the United States decreased by 9.499 million barrels in the week ended July 5th of 2019, following a 1.085 drop in the previous week and well above market expectations of a 3.081 million fall. It was the fourth straight weekly decline in crude oil inventories. Meanwhile, gasoline inventories went down 1.455 million, after a 1.583 million decrease in the prior week and compared market consensus of a 1.301 million decline. Crude Oil Stocks Change in the United States averaged 0.07 BBL/1Million from 1982 until 2019, reaching an all time high of 14.42 BBL/1Million in October of 2016 and a record low of -15.22 BBL/1Million in January of 1999.
Crude Oil Stocks Change in the United States is expected to be 3.80 BBL/1Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Crude Oil Stocks Change in the United States to stand at 3.00 in 12 months time. In the long-term, the United States Crude Oil Stocks Change is projected to trend around 2.60 BBL/1Million in 2020, according to our econometric models.