US Crude Stocks Fall 8 Million Barrels to 433.7 Million as Brent Climbs Above $98
Updated
Updated · OilPrice.com · Jun 3
US Crude Stocks Fall 8 Million Barrels to 433.7 Million as Brent Climbs Above $98
3 articles · Updated · OilPrice.com · Jun 3
Summary
An 8.0 million-barrel draw cut U.S. commercial crude inventories to 433.7 million barrels in the week ended May 29, leaving stockpiles 3% below the five-year seasonal average.
API had signaled a large decline a day earlier with a 6.75 million-barrel draw, and oil prices rose after the data, with Brent up 2.3% to $98.24 and WTI up 2.27% to $95.99.
Gasoline inventories rose 3.4 million barrels after the prior week's drop, while gasoline production slipped to 9.4 million barrels per day.
Distillate stocks increased 1.5 million barrels as production climbed to 5.2 million barrels per day, though inventories remained 3% below the five-year average.
Demand indicators stayed firm: total products supplied averaged 20.4 million barrels per day over four weeks, up 3.0% from a year earlier.