Crude oil inventories in the United States saw an increase of 4 million barrels during the week ending May 9, according to new data from the U.S. Energy Information Administration released on Wednesday.
Crude oil prices were trading down prior to the crude data release by the U.S. Energy Information Administration. On Tuesday, the American Petroleum Institute (API) reported a surprise build in US crude oil inventories of 4.287 million barrels in U.S. crude oil inventories with draws in gasoline and distillate stocks.
At 10:21am in New York, the Brent benchmark was trading down $0.21 per barrel (-0.32%) at $66.42. While down on the day, Brent is trading up nearly $5 a barrel from this time last week. WTI was trading down $0.19 (-0.30%) on the day at $63.48 per barrel, also a roughly $5 per barrel increase week over week.
For total motor gasoline, the EIA estimated that inventories decreased by 1 million barrels for the week to May 9, with daily production decreasing to an average 9.4 million barrels. This compares with an inventory increase of 200,000 barrels for the previous week and an average daily production of 9.7 million barrels.
For middle distillates, the EIA estimated a decrease of 3.2 million barrels, with production decreasing to 4.6 million barrels daily. This compares to an inventory dip of 1.1 million barrels in the week prior, when production stood at an average of 4.7 million barrels daily. Distillate inventories are now 16% below the five-year average for this time of year.
Total products supplied over the last four weeks were up week over week, averaging 19.9 million barrels per day—a 1.2% decrease from this time last year. Distillate products supplied over the last four weeks are up 1.4% compared to this time last year, while gasoline products supplied were up 3.8% from the same period last year.
More Top Reads From Oilprice.com
Back to homepage
