Stocks of crude oil in the United States dropped by 1.208 million barrels in the week ended December 7th 2018, following a 7.323 million decline in the previous week and compared to market expectations of a 2.99 million fall. This was the second period of decline after 10 weekly increases. Meanwhile, gasoline inventories increased by 2.087 million barrel, below market consensus of a 2.461 million rise. Crude Oil Stocks Change in the United States averaged 0.06 BBL/1Million from 1982 until 2018, 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 -2.00 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 3.80 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.