Crude oil inventories in the United States saw an increase of 500,000 barrels during the week ending April 11, according to new data from the U.S. Energy Information Administration released on Wednesday.
Crude oil prices were trading up in a rare show of strength prior to the crude data release by the U.S. Energy Information Administration after a sharp dip over the last couple of weeks in the wake of the tariff war between the United States and China. On Tuesday, the American Petroleum Institute (API) reported a build of 2.4 million barrels in U.S. crude oil inventories with large draws in gasoline and distillate stocks.
At 10:00 am in New York, the Brent benchmark was trading up $1.04 per barrel (+1.61%) at $65.71, while WTI was trading up $1.06 (+1.73%) at $62.39 per barrel.
For total motor gasoline, the EIA estimated that inventories decreased by 2 million barrels for the week to April 11, with daily production increasing to an average 9.4 million barrels. This compares with an inventory decrease of 1.6 million barrels for the previous week and an average daily production of 8.9 million barrels.
For middle distillates, the EIA estimated a decrease of 1.9 million barrels, with production increasing to an average of 4.7 million barrels daily. This compares to an inventory decrease of 3.5 million barrels in the week prior, when production stood at an average of 4.7 million barrels daily. Distillate inventories are now 11% below the five-year average for this time of year.
Total products supplied over the last four weeks were down week over week for the fourth week in a row, averaging 19.5 million barrels per day—a 1.7% decrease from this time last year. Distillate products supplied over the last four weeks are up 7.1% compared to this time last year, while gasoline products supplied were down 3.4% from the same period last year.
By Julianne Geiger for Oilprice.com
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