May 15, 2019
Commercial crude oil inventories increased by 5.4 million barrels in the US last week, according to Wednesday’s report from the US Energy Information Administration.
There was encouraging news for gasoline markets as production was down last week, averaging 9.9 million barrels per day.
U.S. crude oil refinery inputs averaged 16.7 million barrels per day during the period.
Distillate fuel production was up, averaging 5.3 million barrels per day.
Total products supplied over the last four-week period averaged 20.1 million barrels per day, up by 0.3% from the same
The EIA also reduced its oil demand growth estimate for the year by 90,000 bpd to 1.3 million bpd.
And the agency said worldwide oil supplies dropped in April of 300,000 bpd, largely because of reduced supply from Iran, Azerbaijan, Kazakhstan and Canada.