Crude oil inventories in the United States decreased by 7.2 million barrels during the week ending June 5, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 426.5 million barrels, according to government data, which is now 5% below the five-year average for this time of year.
The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories saw a draw of 9.119 million barrels in the period.
Crude prices were rising in mid-morning trading. At 10:07 a.m. in New York, Brent was trading at $92.82 per barrel—up $1.37 (+1.50%) on the day, but down roughly $5.40 per barrel from this time last week. WTI was also trading up on the day, by $1.61 per barrel (+1.83%) on Wednesday morning at $89.81.
For total motor gasoline, the EIA reported that inventories had increased by 200,000 barrels, on top of the week prior’s 3.4 million barrel increase. The most recent figures showed that average daily gasoline production increased to 9.7 million barrels. For middle distillates, inventories decreased by 200,000 barrels with production increasing to an average of 5.2 million barrels daily. Distillate inventories are now 13% below the five-year average.
Total products supplied—a proxy for U.S. oil demand—averaged 20.6 million barrels per day over the last four weeks, up 3.5% compared to the same period last year. Gasoline demand averaged 8.8 million barrels per day over the last four weeks, while the distillate four-week average supplied averaged 3.7 million barrels—up 7.2% percent year over year.
By Julianne Geiger for Oilprice.com
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