SunSirs: US Crude Oil and Distillate Inventories Decreased, while Gasoline Inventories Increased Last Week

On Wednesday, May 7th, the inventory report released by the US Energy Information Administration (EIA) showed that as of the week ending May 2nd, US crude and distillate inventories had decreased, while gasoline inventories had increased.

EIA announced that as of the week ending May 2, commercial crude oil inventories in the United States decreased by 2 million barrels to 438.4 million barrels, following market expectations of a decrease of 833,000 barrels.

The crude oil inventory in Cushing, Oklahoma, USA decreased by 740,000 barrels to 24.96 million barrels.

Although the decline in crude oil inventories exceeded expectations, crude oil futures continued to decline after the data was released.

The crude oil processing capacity of US refineries decreased by 7,000 barrels per day to 16.071 million barrels per day, with a four week average of 15.9 million barrels per day; The utilization rate of refinery capacity increased by 0.4 percentage points to 89.0%.

As of the week ending May 2nd, US gasoline inventories increased by 200,000 barrels to 225.7 million barrels, following market expectations of a decrease of 1.6 million barrels.

The inventory of distillate oil in the United States, including diesel and heating oil, decreased by 1.1 million barrels to 106.7 million barrels, following market expectations of a decrease of 1.3 million barrels.

The net import volume of crude oil in the United States increased by 672,000 barrels per day to 2.05 million barrels per day, with a four week average of 1.592 million barrels per day.

If you have any enquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.