EIA: Crude Oil Inventories in US See Rare Build
TotalEnergies Eyes Offshore Exploration Deal in Syria 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 saw a surprise increase of 3.0 million barrels during the week ending July 3, according to new data from the U.S.
Energy Information Administration (EIA) released on Wednesday.
The increase brings commercial stockpiles to 411.4 million barrels, according to government data, which are now 6% 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 small draw of399,000 barrelsin the period.
Crude futures were up in early morning trading as US President Donald Trump announced that the ceasefire with Iran was over, following Iranian attacks on tankers in the Strait of Hormuz.
in New York,Brentfutures were trading at $77.37 per barrel—up $3.21 (+4.33%) on the day and up more than $5 per barrel from this same time last week.WTIwas also trading up on the day, by $2.97 per barrel (+4.22%) on Wednesday morning at $73.41.
For total motor gasoline, the EIA reported that inventories had decreased by 1.9 million barrels, compared to the week prior’s 2.3 million barrel build.
The most recent figures showed that average daily gasoline production decreased to 9.7 million barrels.
For middle distillates, inventories decreased by 5.0 million barrels with production decreasing to an average of 5.2 million barrels daily.
Distillate inventories are now 12% below the five-year average.
oil demand—averaged 20.6 million barrels per day over the last four weeks, up 0.3% compared to the same period last year.
Gasoline demand averaged 9.0 million barrels per day over the last four weeks, while the distillate four-week average supplied averaged 3.8 million barrels—down 0.9% 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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