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U.S. crude inventories jump 17.4 million barrels, EIA data shows

The EIA said commercial crude stockpiles rose to 424.4 million barrels in the week ending August 7, while gasoline inventories fell 1.0 million barrels.

Reported · Written up by our desk · Energy

Crude oil inventories in the United States increased sharply in the week ending August 7, according to new data from the U.S. Energy Information Administration. The EIA reported a gain of 17.4 million barrels, lifting commercial stockpiles to 424.4 million barrels.

That level was described as about 2% below the five-year average for the period, and the EIA data followed an earlier API report that showed crude inventories rising by 9.072 million barrels during the prior day.

In early trading, crude futures pulled back after two days of steady gains. By 9:51 a.m. in New York, Brent futures were down $0.39, or 0.4%, at $88.52 per barrel, while WTI was down $0.44, or 0.5%, at $82.76.

The EIA also reported that motor gasoline inventories fell by 1.0 million barrels, after a 1.6 million barrel decline in the prior week. For middle distillates, inventories decreased by 100,000 barrels, while production increased to an average of 5.3 million barrels per day, the outlet said.

Latest closeWTI crude $83.42 ▲1.6%|Brent $89.26 ▲1.8%|Gasoline (RBOB) $2.892 ▼7.8%

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