Crude oil inventories in the U.S. moved up during the week ended May 04, official data showed Wednesday.
The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories increased by 3.70 million barrels to 379.50 million barrels last week, and are above the upper limit of the average range for this time of year.
The week before, crude oil inventories increased by 2.80 million barrels to 375.90 million barrels.
Meanwhile, total motor gasoline inventories moved down by 2.60 million barrels last week, after decreasing 2.00 million barrels in the prior week, and are in the middle of the average range.
Analysts were expecting crude oil inventories to gain 2.00 million barrels last week.
Late Tuesday, data from the API revealed that U.S. crude oil inventories moved up by 7.80 million barrels and gasoline stocks dipped by 5.00 million barrels in the week ended May 04.
Oil refinery inputs averaged just under 14.70 million barrels per day during the week, which were 35,000 barrels per day above the previous week's average as refineries operated at 86.4 percent of their operable capacity.
Meantime, U.S. crude oil imports during the week averaged 9.00 million barrels per day last week, up by 145,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged 8.80 million barrels per day, which were 28,000 barrels per day above the same four-week period last year.
Light Sweet Crude Oil (WTI) futures for June delivery are losing $1.73 to $95.28 a barrel.
by RTT Staff Writer
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