Crude oil inventories in the United States saw a massive increase of 17.4 million barrels during the week ending August 7, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday.
The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories had risen by a hefty 9.072 million barrels in the period.
For total motor gasoline, the EIA reported that inventories fell 1.0 million barrels, after falling by 1.6 million barrels in the week prior.
For middle distillates, inventories decreased by 100,000 barrels with production increasing to an average of 5.3 million barrels daily.
Total products supplied—a proxy for U.S. oil demand—averaged 20.7 million barrels per day over the last four weeks, down 2.1% compared to the same period last year.
Crude oil inventories in the United States saw a massive increase of 17.4 million barrels during the week ending August 7, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 424.4 million barrels, according to government data, which are now just 2% 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 had risen by a hefty 9.072 million barrels in the period.
Crude futures sagged in early morning trade after two days of steady gains. At 9:51 a.m. in New York, Brent futures were trading at $88.52 per barrel—down $0.39 (-0.44%) on the day but up roughly $9 per barrel from this same time last week. WTI was also trading slightly down on the day, by $0.44 per barrel (-0.53%) on Wednesday morning at $82.76, up $7.50 per barrel since this time last week.
For total motor gasoline, the EIA reported that inventories fell 1.0 million barrels, after falling by 1.6 million barrels in the week prior. The most recent figures showed that average daily gasoline production decreased to 9.6 million barrels. For middle distillates, inventories decreased by 100,000 barrels with production increasing to an average of 5.3 million barrels daily. Distillate inventories are now 12% below the five-year average.
Total products supplied—a proxy for U.S. oil demand—averaged 20.7 million barrels per day over the last four weeks, down 2.1% 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 3.7 million barrels—up 1.9% year over year.
By Julianne Geiger for Oilprice.com
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