API Reports Small Builds in Crude, Fuel Inventories

Crude oil inventories in the United States rose this week by 509,000 barrels for the week ending May 3, according to The American Petroleum Institute API . Analysts had expected a 1.430 million barrel draw. For the week prior, the API reported a 4.906 million barrel build in crude inventories. On Tuesday, the Department of Energy DoE reported that crude oil inventories in the Strategic Petroleum Reserve SPR rose by 0.9 million barrels as of May 3. Inventories are now at 367.

At 416 pm ET, Brent crude was trading down $0.04 on the day at $83.29—more than $4 per barrel lower than this time last week. The U.S. benchmark WTI was trading slightly up on the day at 0.09% to $78.55—down roughly $3 per barrel from this time last week. Gasoline inventories rose this week by 1.46 million barrels, countering last week’s 1.48 million barrel drop.

Oil Inventories Crude Gasoline Refining Distillates Downstream

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