The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell again this week, this time by 3.3 million barrels in the week ending May 30 after analysts had estimated a 900,000-barrel draw. The API reported a 4.236 million barrel inventory decrease in the prior week.
So far this year, crude oil inventories are up more than 18 million barrels, according to Oilprice calculations of API data.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 500,000 barrels to 401.8 million barrels in the week ending May 30. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration, but SPR replenishment is picking up steam in recent weeks.
At 4:55 pm ET, Brent crude was trading up $1.03 (+1.59%) on the day, landing at $65.66—a more than $1 per barrel increase from this time last week.
WTI was also trading up on the day, by $0.90 (+1.44%) at $63.42—an almost $2 increase over last week’s level.
Gasoline inventories rose sharply in the week ending May 30, up 4.7 million barrels, after falling by 528,000 barrels in the week prior. As of last week, gasoline inventories were already 3% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories were also up this week, by 760,000 barrels. In the week prior, distillate inventories rose 1.295 million barrels. Distillate inventories were already a startling 17% below the five-year average as of the week ending May 23, the latest EIA data shows.
By Julianne Geiger from Oilprice.com
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