EIA Report Shows Large Draws in Crude Oil, Gasoline, SPR.
The U.S. Energy Information Administration estimated that inventories in the country had shed 12.5 million barrels in the week to May 19. This comes a day after the American Petroleum Institute estimated a sizable decrease in crude oil inventories in the U.S.
Fears of a U.S. debt default had previously depressed prices despite the EIA’s estimate of a 5 million barrel build in crude oil inventories a week earlier.
According to the EIA, U.S. crude oil inventories currently stand at 455.2 million barrels, which is 3% below the five-year seasonal average.
| Crude Inventories down🔽12,500,000 bbl Gasoline down 🔽2,100,000 bb Distillates down 🔽600,000 bbl SBR 🔽1,600,000 bbl |
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