Crude oil inventories in the United States decreased by 8.0 million barrels during the week ending May 29, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 433.7 million barrels, according to government data, which is now 3% 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 6.75 million barrels in the period.
Crude prices were rising in early morning trading. At 7:12 a.m. in New York, Brent was trading at $98.24 per barrel—up $2.21 (+2.30%) on the day, and up $1.50 per barrel from this time last week. WTI was also trading up on the day, by $2.13 per barrel (+2.27%) in early morning trade at $95.99.
For total motor gasoline, the EIA reported that inventories had increased by 3.4 million barrels after sinking by 2.6 million barrels in the week prior. The most recent figures showed that average daily gasoline production decreased to 9.4 million barrels. For middle distillates, inventories increased by 1.5 million barrels with production increasing to an average of 5.2 million barrels daily. Distillate inventories are now 3% below the five-year average.
Total products supplied—a proxy for U.S. oil demand—averaged 20.4 million barrels per day over the last four weeks, up 3.0% 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 3.6 million barrels—up 1.2% percent year over year.
By Julianne Geiger for Oilprice.com
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