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U.S. oil inventories decreased in week ending May 25: EIA

Xinhua,June 01, 2018 Adjust font size:

HOUSTON, May 31 (Xinhua) -- U.S. crude oil inventories decreased in the week to May 25, the U.S. Energy Information Administration (EIA) said in a report on Thursday.

According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 3.6 million barrels during the week ending May 25.

However, the American Petroleum Institute (API) on Wednesday reported surprise build of 1.0 million barrels in the same week.

U.S. crude oil refinery inputs averaged about 17.2 million barrels per day during the week ending May 25, or 527,000 barrels per day more than the previous week's average.

At 434.5 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 about 20.7 million barrels per day, up by 1.3 percent from the same period last year.

Over the last four weeks, motor gasoline product supplied averaged about 9.7 million barrels per day, up by 0.8 percent from the same period last year.

Distillate fuel product supplied averaged over 4.1 million barrels per day over the last four weeks, down by 1.5 percent from the same period last year. Jet fuel product supplied is up 0.5 percent compared to the same four-week period last year.

Oil prices settled mixed on Thursday as traders digested the newly-released U.S. crude stockpile data.

Meanwhile, traders have been paying close attention to reports surrounding the intentions of Organization of the Petroleum Exporting Countries (OPEC) and other major producers outside the cartel, particularly Russia, who were said to be weighing a boost to output.

The West Texas Intermediate (WTI) for July delivery fell 1.17 U.S. dollars to settle at 67.04 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery added 0.09 dollar to close at 77.59 dollars a barrel on the London ICE Futures Exchange. Enditem

 

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