U.S. crude inventories posted a smaller than anticipated decline last week after falling by just over 2 million barrels.

According to the U.S. Energy Information Administration, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, fell by 2.2 million barrels during the week of June 24.

The decline pushed crude inventories down to 524.4 million, a historically high level for this time of year.

Data published by the American Petroleum Institute earlier this week had shown a crude inventory draw of 6.7 million barrels for the same week, Reuters said.

Commercial inventories in the East Coast fell 0.4 percent from the previous week to 17.4 million barrels.

Inventories in the Midwest dipped 2.7 percent to 151 million barrels last week while inventories at Cushing fell 1 percent to 64.2 million barrels.

Gulf Coast inventories ticked down 0.4 percent to 272.4 million barrels and Rocky Mountain inventories fell to 24 million barrels after a 0.1 percent decline.

West Coast inventories fell 0.5 percent from the previous week to 61.7 million barrels while Alaska In-Transit inventories dropped to 4.5 million barrels after a 0.9 percent decline.

U.S. crude oil imports averaged about 8.4 million barrels per day last week, an 808,000 bpd increase over the previous week.

The EIA said crude oil imports have averaged 8 million bpd over the last four weeks, up 11.6 percent over the same four-week period last year.

Total motor gasoline inventories ticked down by 0.1 million barrels last week, but were still “well above the upper limit of the average range,” the EIA said.

According to the report, U.S. refineries operated at 93 percent of their operable capacity last week.

The price of West Texas Intermediate (WTI) was $46.70 per barrel on June 24, $1.30 below the previous week’s price and a $12.71 decline from a year ago.

WTI prices fell on news of the smaller than expected inventory draw.

WTI was trading at $46.57 per barrel just before noon on Thursday, down from Wednesday’s closing price of $47.43 per barrel.


Leave a Reply