Crude oil inventories in the United States saw an increase of 200,000 barrels during the week ending April 18, 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, continuing the price slide that began when the Liberation Day tariffs were announced. On Tuesday, the American Petroleum Institute (API) reported a different story: one that showed a large draw of 4.565 million barrels in U.S. crude oil inventories with large draws in gasoline and distillate stocks—and it’s not even driving season in the United States yet.
At 10:49 am in New York, the Brent benchmark was trading down $1.10 per barrel (-1.63%) at $66.34. WTI was trading down $1.13 (-1.77%) at $62.54 per barrel.
For total motor gasoline, the EIA estimated that inventories decreased by 4.5 million barrels for the week to April 18, with daily production increasing to an average 10.1 million barrels. This compares with an inventory decrease of 2 million barrels for the previous week and an average daily production of 9.4 million barrels.
For middle distillates, the EIA estimated a decrease of 2.4 million barrels, with production decreasing to an average of 4.6 million barrels daily. This compares to an inventory decrease of 1.9 million barrels in the week prior, when production stood at an average of 4.7 million barrels daily. Distillate inventories are now 13% below the five-year average for this time of year.
Total products supplied over the last four weeks were up week over week for the first time in five weeks, averaging 19.9 million barrels per day—a 0.4% increase from this time last year. Distillate products supplied over the last four weeks are up 12.8% compared to this time last year, while gasoline products supplied were down 0.4% from the same period last year.
More Top Reads From Oilprice.com
Back to homepage
