Crude oil prices moved higher today after the U.S. Energy Information Administration reported an inventory dip of 700,000 barrels for the week ending July 14, falling to 457.4 million barrels—a figure that is 1% above the five-year average for this time of year.
This compared with an inventory build of 5.9 million barrels for the previous week.
In gasoline, the EIA estimated an inventory draw and in middle distillates, it reported an inventory rise.
Gasoline stocks declined 1.1 million barrels in the week to July 14, with production decreasing significantly to average 9.5 million barrels daily. Stocks are still 7% below the five-year seasonal average.
This compared with a small draw in the previous week, and a production rate of 10.1 million barrels daily.
Middle distillate stocks saw a slight increase, after rising by 4.8 million barrels in the week prior, with production falling 100,000 bpd to average 5.0 million barrels daily.
US crude oil imports were up during the week, reaching 7.2 million barrels per day--an increase of 1.3 million bpd over the week prior. The four week average crude oil imports for the United States is now 6.7 million bpd—a 2.5% increase over the same period last year.
Crude oil prices fell after the data release, but were trending slightly higher on the day, with WTI up 0.25% and Brent up 0.43%.
The American Petroleum Institute reported on Tuesday similar crude oil inventory figures this week, estimating a 797,000 barrel draw for the last week, sending prices slightly higher.
At the time of writing, Brent crude was trading at $80.20 per barrel—on par with where prices were this same time last week. West Texas Intermediate was trading at $76.12, an increase of $0.30 over last week. Both were up from opening.
- Japan Wants A Global Emergency Natural Gas Reserve
- U.S. Shale Challenges OPEC With Record Production In 2023
- Carbon Prices Set To Fall As Europe Speeds Up Energy Transition