Markets > Commodities

U.S. oil inventories increase in week ending June 1

Xinhua Financein HOUSTON
2018-06-07 10:14

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U.S. crude oil inventories increased in the week ending June 1, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.

According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased by 2.1 million barrels during the week ending June 1.

However, the American Petroleum Institute (API) on Tuesday reported a draw of over 2 million barrels from the U.S. crude oil inventories for the same week.

For the week ending May 25, EIA reported draw of 3.6 million barrels.

U.S. crude oil refinery inputs averaged about 17.4 million barrels per day during the week ending June 1, which was 214,000 barrels per day more than the previous week's average.

At 436.6 million barrels, U.S. crude oil inventories are in the lower half of the average range for this time of year.

Total products supplied over the last four-week period averaged more than 20.1 million barrels per day, up 0.2 percent from the same period last year.

Over the past four weeks, motor gasoline product supplied averaged about 9.5 million barrels per day, down 1.1 percent from the same period last year.

Distillate fuel product supplied averaged more than 3.9 million barrels per day over the past four weeks, down 2.6 percent from the same period last year. Jet fuel product supplied was up 4.2 percent compared with the same four-week period last year.

Oil prices ended lower on Wednesday after official data showed U.S. crude stockpiles rose more than expected.

The West Texas Intermediate (WTI) for July delivery lost 0.79 U.S. dollar to settle at 64.73 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery fell 0.02 dollar to close at 75.36 dollars a barrel on the London ICE Futures Exchange.
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