All articles tagged with #distillates
The American Petroleum Institute (API) reported a significant draw of 6.490 million barrels in U.S. crude oil inventories for the week ending May 17, contrasting with the previous week's 2.48 million barrel increase. Gasoline inventories also fell by 452,000 barrels, while distillate inventories rose by 2.045 million barrels. Despite these changes, oil prices were trading down due to concerns over weak gasoline demand and economic data.
WTI oil prices remained just above $70 as a crude oil inventory draw of 4.6 million barrels was offset by a significant inventory build in gasoline and a smaller one in distillates. The market is uncertain due to the latest production cuts from OPEC+ and concerns about Chinese energy demand growth. Some analysts are pessimistic, while others argue that the commodity is oversold. WTI front-month futures are now trading almost 15% lower than 30 days ago.
Crude oil inventories in the US rose by 3.262 million barrels, while gasoline and distillate inventories fell. US crude oil production remained steady at 12.2 million bpd. Oil prices traded up on Tuesday after significant losses in the previous week. Gasoline demand was up 7% this past Sunday and Monday compared to the relative four-week averages, and the highest levels since September 25, 2022.