Crude oil inventories in the United States dipped by 2.8 million barrels during the week ending May 23, according to new data from the U.S. Energy Information Administration released on Wednesday.
Crude oil prices were trading up prior to the crude data release by the U.S. Energy Information Administration. On Tuesday, the American Petroleum Institute (API) reported a drop in US crude oil inventories of 4.236 million barrels in U.S. crude oil inventories with a draw in gasoline stocks as well.
At 10:40 am in New York, the Brent benchmark was trading down $0.90 per barrel (-1.39%) at $64.00—a roughly $1.60 drop week over week. WTI was trading down $1.08 (-1.75%) on the day at $60.76 per barrel, also a more than $1 per barrel dip week over week.
For total motor gasoline, the EIA estimated that inventories decreased by 2.4 million barrels for the week to May 23, with daily production increasing to an average 9.8 million barrels. This compares with an inventory build of 800,000 barrels for the previous week and an average daily production of 9.6 million barrels.
For middle distillates, the EIA estimated a decrease of 700,000 barrels, with production increasing to 4.8 million barrels daily. This compares to an inventory build of 600,000 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 0.2% decrease from this time last year. Distillate products supplied over the last four weeks are down 2.6% compared to this time last year, while gasoline products supplied were down 1.5% from the same period last year.
By Julianne Geiger for Oilprice.com
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