U.S. crude oil, distillate inventories see mixed motion
Date
5/23/2024 5:44:51 AM
(MENAFN) The latest report from the US energy Information Administration (EIA) revealed contrasting trends in crude oil and distillate inventories, with gasoline stocks showing a decline over the past week. According to the EIA's findings released on Wednesday, crude inventories unexpectedly rose by 1.8 million barrels, reaching a total of 458.8 million barrels for the week ending May 17. This increase defied analysts' projections, who had anticipated a decline of 2.5 million barrels, as indicated by a Reuters poll.
Moreover, the EIA highlighted a notable uptick in crude oil inventories at the delivery center in Cushing, Oklahoma, which saw a rise of 1.3 million barrels during the same week. Despite the increase in crude inventories, the report also noted a rise in crude consumption by refineries, with a reported increase of approximately 227 thousand barrels per day. This increase in refinery activity was complemented by a corresponding uptick in the refinery operating rate, which saw a 1.3 percent increase over the week.
On the other hand, gasoline stocks experienced a decline, decreasing by 900,000 barrels to a total of 226.8 million barrels. This reduction in gasoline inventories contrasted with analysts' expectations, who had forecasted a smaller decline of about 700,000 barrels based on a Reuters poll. In contrast to gasoline, distillate stocks, which encompass diesel and heating oil, witnessed an increase of 400,000 barrels, reaching a total of 116.7 million barrels for the week. This uptick in distillate inventories diverged from expectations, as analysts had anticipated a decrease of 400,000 barrels.
Furthermore, the report highlighted a decrease in net US imports of crude oil, which decreased by 676 thousand barrels per day. These findings underscore the dynamic nature of the energy market, influenced by factors such as supply and demand dynamics, refinery activity, and geopolitical developments.
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