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U.S. Crude Oil Inventories See Surprise Draw

Crude oil inventories in the United States fell this week by 3.104 million barrels for the week ending May 3, according to The American Petroleum Institute (API). Analysts had expected a 1 million barrel build.

For the week prior, the API reported a 509,000 barrel build in crude inventories.

On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.6 million barrels as of May 10. Inventories are now at 367.8 million barrels—the highest point since last April, but well below the 656 million barrels in inventory in June 2020.

Oil prices were trading down ahead of the API data release on Tuesday, pushed down by a market that is nervousabout the possibility of interest rates staying high.             

At 4:00 pm ET, Brent crude was trading down $0.93 on the day at $82.43—down nearly $1 per barrel from this time last week. The U.S. benchmark WTI was also trading on the day at 1.31% to $78.08—down roughly $50 per barrel from this time last week.   

Gasoline inventories fell this week by 1.269 million barrels, countering last week’s 1.46 million barrel build. As of last week, gasoline inventories were about 2% below the five-year average for this time of year, according to the latest EIA data.

Distillate inventories rose this week by 349,000 barrels, compared to last week’s 1.713-million-barrel build. Distillates were 7% below the five-year average for the week ending May 3, the latest EIA data shows.

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Cushing inventories saw a draw this week, according to API data, falling 601,000 barrels after increasing by 1.339 million barrels in the previous week.

By Julianne Geiger for Oilprice.com

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  • Al Goobi on May 15 2024 said:
    Its quite amazing how oil is poorly valued. Like as if there was an abundance of oil. Every source is declining by the day. But demand is up several million barrels per day since 2009.
    There are very few new big oil-streams coming online. Yet the price is where it was during the worst months in the 2009 crisis, inflation-adjusted in dollars. Isnt that VERY strange?
  • George Doolittle on May 14 2024 said:
    Not really sure who loses if the USA suddenly has no gasoline or diesel fuel available at most retail locations. Certainly no shortage of natural gas, methanol or ethanol in the USA as well both hybrid drive vehicles and pure play BEV as well. If need be Class 8 Railroad Locomotives can go back to using natural gas turbine engines as well. In the meantime all eyes on Canadian National Railroad. Long $unp Union Pacific Railroad strong buy
  • Mike Lewicki on May 14 2024 said:
    check ?? what you typed

    $50 a barrel?

    Maybe 0.50 cents

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