U.S. Crude Oil Inventories Fall Much More Than | Commodities
(RTTNews) – After reporting an surprising lower by U.S. crude oil inventories within the earlier week, the Energy Information Administration launched a report on Wednesday exhibiting one other notable decline by crude oil inventories within the week ended May thirtieth.
The EIA mentioned crude oil inventories slid by 4.3 million barrels final week after falling by 2.8 million barrels within the earlier week. Economists had anticipated crude oil inventories to edge down by 0.9 million barrels.
At 436.1 million barrels, U.S. crude oil inventories are about 7 % beneath the five-year average for this time of 12 months, the EIA mentioned.
Meanwhile, the report mentioned gasoline inventories surged by 5.2 million barrels final week however stay about 1 % beneath the five-year average for this time of 12 months.
Distillate fuel inventories, which embrace heating oil and diesel, additionally shot up by 4.2 million barrels final week however stay about 16 % beneath the five-year average for this time of 12 months, the EIA mentioned.
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