Crude oil inventories in the U.S. moved down for the first time in eleven weeks during the week ended June 01, official data showed Wednesday.
The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories decreased by 100,000 barrels to 384.60 million barrels last week, but are above the upper limit of the average range for this time of year.
The week before, crude oil inventories increased by 2.20 million barrels to 384.70 million barrels.
Meanwhile, total motor gasoline inventories moved up by 3.30 million barrels last week, after decreasing 800,000 barrels in the prior week, and are in the lower limit of the average range.
Analysts were expecting crude oil inventories to ease by 500,000 barrels last week
Late Tuesday, data from the API revealed that U.S. crude oil inventories moved down by 1.80 million barrels and gasoline stocks rose by 1.40 million barrels in the week ended June 01.
Oil refinery inputs averaged just under 15.50 million barrels per day during the week, which were 299,000 barrels per day above the previous week's average as refineries operated at 91.0 percent of their operable capacity.
Meantime, U.S. crude oil imports during the week averaged about 9.00 million barrels per day last week, down by 99,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged just under 8.90 million barrels per day, which were 111,000 barrels per day below the same four-week period last year.
Light Sweet Crude Oil (WTI) futures for July delivery are adding $1.78 to $86.07 a barrel.
by RTT Staff Writer
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