Crude oil inventories in the United States fell by 4.3 million barrels during the week ending May 30, 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 of 3.3 million barrels in U.S. crude oil inventories, with a sizable build in gasoline stocks.
At 10:21 am in New York, the Brent benchmark was trading up $0.18 per barrel (+0.27%) at $65.81—a roughly $1.80 hike week over week. WTI was trading up $0.37 (+0.58%) on the day at $63.78 per barrel, a roughly $3 per barrel increase over last week.
For total motor gasoline, the EIA estimated that inventories increased by 5.2 million barrels for the week to May 30, even with daily production decreasing to an average 9 million barrels, from 9.8 million barrels in the week prior.
For middle distillates, the EIA estimated an increase of 4.2 million barrels, with production increasing to 5 million barrels daily. This compares to an inventory decline of 700,000 barrels in the week prior, when production stood at an average of 4.8 million barrels daily. Distillate inventories are still 16% below the five-year average for this time of year.
Total products supplied over the last four weeks were down week over week, averaging 19.8 million barrels per day—a 0.9% decrease from this time last year. Distillate products supplied over the last four weeks are down 4.3% compared to this time last year, while gasoline products supplied were down 3.1% from the same period last year.
By Julianne Geiger for Oilprice.com
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