Crude oil inventories in the United States fell by 11.5 million barrels during the week ending June 13, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The drop brings commercial stockpiles to 420.9 million barrels, roughly 10% below the five-year average for this time of year.
Crude prices were mixed ahead of the report amid broader macro signals. The American Petroleum Institute (API) on Tuesday had estimated a 10.133-million-barrel drop for the week ending June 13 after analysts had estimated a much smaller 600,000-barrel draw. The even larger EIA draw estimate pressures pressures inventories to multi-month lows.
At 10:39 a.m. in New York, Brent was trading at $75.54 per barrel, down 1.19% on the day, while WTI was at $74.10 per barrel, gaining 0.99%.
For total motor gasoline, the EIA reported a smaller build of 200,000 barrels, with daily production climbing to 10.1 million barrels—up from 9.7 million the previous week. For middle distillates, inventories rose by 500,000 barrels, with production increasing to 5.0 million barrels daily. Distillate inventories remain 17% below the five-year average, sustaining supply tightness.
Total products supplied over the last four weeks averaged 20.0 million barrels per day, essentially flat compared to the same period last year. Gasoline demand averaged 9.0 million barrels per day, while distillate product supplied was 3.5 million barrels—down 4.2 percent year over year.
The outsized crude draw suggests sustained demand or falling imports, even as refining activity dipped.
By Julianne Geiger for Oilprice.com
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