U.S. Crude Oil, Gasoline Inventories See Sizable Gains

Crude oil inventories in the United States rose this week by 2.48 million barrels for the week ending May 10, according to The American Petroleum Institute API . For the week prior, the API reported a 3.104 million barrel dip in crude inventories. On Tuesday, the Department of Energy DoE reported that crude oil inventories in the Strategic Petroleum Reserve SPR rose by 1 million barrels as of May 17. Inventories are now at 368.

89—up roughly $.40 per barrel from this time last week. The U.S. benchmark WTI was also trading down on the day at 0.93% to $79.06—up roughly $1 per barrel from this time last week. Gasoline inventories rose this week as well, by 2.088 million barrels, more than countering last week’s 1.269 million barrel dropoff. As of last week, gasoline inventories were about 1% below the five-year average for this time of year, according to the latest EIA data.

Source: News Formal (newsformal.com)

Oil Inventories Crude Gasoline Refining Distillates Downstream

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