On Wednesday, May 14th, the US Energy Information Administration (EIA) reported that crude oil inventories rose last week as the US imported more oil, while gasoline and distillate depots experienced a decline before the summer driving season arrived.

EIA reported that in the week ending May 9th, US crude oil inventories increased by 3.5 million barrels to 441.8 million barrels, following market expectations of a decrease of 1.1 million barrels.

Last week, net imports of crude oil from the United States increased by 422,000 barrels per day.

After the data was released, the decline in Brent and US crude oil futures widened, with both contracts falling by about 0.7% at 22:46 Beijing time.

Both gasoline and distillate fuel depots experience a decline before the start of the summer driving season, which typically begins on the Memorial Day weekend at the end of May.

EIA reported that US gasoline inventories decreased by 1 million barrels to 224.71 million barrels this week, compared to market expectations of a decrease of 560,000 barrels.

The inventory of distillate oil, including diesel and heating oil, decreased by 3.2 million barrels to 103.55 million barrels, the lowest since April 2005. Analysts had previously expected an increase of 130,000 barrels.

EIA reported that crude oil inventories at the Cushing delivery center in Oklahoma decreased by 1.1 million barrels last week.

EIA indicates that the daily processing capacity of crude oil in refineries has increased by 330,000 barrels.

The utilization rate of refinery capacity increased by 1.2 percentage points this week.

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