EIA: Crude Oil Inventory report +5.43 million build vs expectations for a flat reading

West Texas Intermediate crude pared losses following the larger than expected build, which some traders were expecting.

U.S. crude oil refinery inputs averaged 16.7 million barrels per day during the week ending May 10, 2019, which was 271,000 barrels per day more than the previous week’s
average. Refineries operated at 90.5% of their operable capacity last week. Gasoline production decreased last week, averaging 9.9 million barrels per day. Distillate fuel
production increased last week, averaging 5.3 million barrels per day. U.S. crude oil imports averaged 7.6 million barrels per day last week, up by 919,000
barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.2 million barrels per day, 9.6% less than the same four-week period last
year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 752,000 barrels per day, and distillate fuel
imports averaged 41,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.4 million barrels from the previous week. At 472.0 million
barrels, U.S. crude oil inventories are about 2% above the five year average for this time of year. Total motor gasoline inventories decreased by 1.1 million barrels last week and are about 2% below the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week.
Distillate fuel inventories increased by 0.1 million barrels last week and are about 4% below the five year average for this time of year. Propane/propylene inventories
increased by 2.8 million barrels last week and are about 19% above the five year average for this time of year. Total commercial petroleum inventories increased last week by 14.6 million barrels last week.

Total products supplied over the last four-week period averaged 20.1 million barrels per day, up by 0.3% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.4 million barrels per day, up by 0.5% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per day over the past four weeks, down by 4.5% from the same period last year. Jet fuel product supplied was up 11.0% compared with the same four-week period last year.

EIA

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.