Commodities
Home›Commodities›Energy›US crude and product inventories rise, boosting oil fu…
US crude and product inventories rise, boosting oil futures
Commercial crude stockpiles climbed to 411.7 million barrels for the week ending July 17, but remain 6% below the five-year average.
U.S. crude oil inventories increased for the week ending July 17, according to new data from the U.S. Energy Information Administration, with commercial stockpiles rising by 2.0 million barrels to 411.7 million barrels.
The EIA release also showed motor gasoline inventories adding 800,000 barrels versus the prior week’s 1.5 million barrel draw. Middle distillates inventories rose by 1.4 million barrels, while distillate inventories were still 10% below the five-year average.
Production and demand signals were mixed, as average daily gasoline production increased to 9.7 million barrels and distillate production averaged 5.3 million barrels daily. Total products supplied, a proxy for U.S. oil demand, averaged 20.4 million barrels per day.
Oil prices were higher in morning trading, with Brent futures around $93.34 per barrel and WTI around $86.31, as crude markets looked for clarity on shipping risks through the Strait of Hormuz, amid ongoing uncertainty over a potential Iran and U.S. deal.
Latest closeWTI crude $87.52 ▲3.1%|Brent $94.43 ▲3.8%|Gasoline (RBOB) $3.293 ▼3.3%