Crude oil inventories in the United States increased by 3.8 million barrels during the week ending June 27, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 419 million barrels, roughly 9% below the five-year average for this time of year.
Crude prices were trading up ahead of the report. The American Petroleum Institute (API) on Tuesday had estimated a 680,000-barrel build for the week ending June 27 after analysts had estimated a much smaller 2.26-million-barrel draw.
At 9:19 a.m. in New York, Brent was trading at $67.73 per barrel, up 0.92% on the day, and up just $0.20 week over week. Meanwhile, WTI was at $66.11 per barrel, gaining 1.01%.
For total motor gasoline, the EIA reported a build of 4.2 million barrels, with daily production slipping to 9.6 million barrels. For middle distillates, inventories dipped by 1.7 million barrels, with production increasing to 244,000 barrels daily. Distillate inventories are now 21% below the five-year average.
Total products supplied over the last four weeks averaged 20.3 million barrels per day, down 1.1% compared to the same period last year. Gasoline demand averaged 9.2 million barrels per day, while distillate product supplied was 3.7 million barrels—up 0.6 percent year over year.
By Julianne Geiger for Oilprice.com
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