Crude oil inventories in the United States increased by 7.1 million barrels during the week ending July 4, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 426 million barrels, still 8% below the five-year average for this time of year.
Crude prices were trading down ahead of the report, after the American Petroleum Institute (API) on Tuesday estimated a surprise 7.1-million-barrel build for the week ending July 4 after analysts had estimated a 2.8-million-barrel draw.
At 10:19 a.m. in New York, Brent was trading at $69.82 per barrel—down 0.47% on the day but up $2 per barrel over last week’s levels. Meanwhile, WTI was at $67.90 per barrel, losing 0.63% for the day.
For total motor gasoline, the EIA reported a decline of 2.7 million barrels, with daily production rising to 9.9 million barrels. For middle distillates, inventories dipped by 800,000 barrels, with production increasing to 5.1 million barrels daily. Distillate inventories are now 23% below the five-year average.
Total products supplied over the last four weeks averaged 20.6 million barrels per day, down 1.6% compared to the same period last year. Gasoline demand averaged 9.2 million barrels per day over the last four weeks, while the distillate four-week average supplied was 3.8 million barrels—up 3.8 percent year over year.
By Julianne Geiger for Oilprice.com
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