U.S. Crude Inventories Post Another Major Draw
Euro Sinks To One-Year Low As Oil Price Drop Fuels ECB Rate Cut Bets What I Cover Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and… Crude oil inventories in the United States decreased by 6.1 million barrels during the week ending June 19, according to new data from the U.S.
Energy Information Administration (EIA) released on Wednesday.
The decrease brings commercial stockpiles to 412.1 million barrels, according to government data, which is now 7% 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 of765,000 barrelsin the period.
Crude prices were down in mid-morning trading.
in New York,Brentfutures were trading at $73.40 per barrel—down $3.72 (-4.83%) on the day and down nearly $7 per barrel from this same time last week.WTIwas also trading down on the day, by $3.40 per barrel (-4.62%) on Wednesday morning at $70.27.
For total motor gasoline, the EIA reported that inventories had increased by 2.1 million barrels, compared to the week prior’s 900,000 barrel dip.
The most recent figures showed that average daily gasoline production decreased to 9.5 million barrels.
For middle distillates, inventories increased by 3.1 million barrels with production increasing to an average of 5.2 million barrels daily.
Distillate inventories are now 10% below the five-year average.
oil demand—averaged 20.5 million barrels per day over the last four weeks, up 2.1% 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 3.2% percent year over year.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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