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5/11/2016, 4:43 PM (Source: TeleTrader)
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EIA: Crude stocks lower by 3.4 million barrels

Commercial oil inventories decreased by 3.4 million barrels to 540 million barrels for the week ending on May 6. Stocks are at historically high levels for this time of the year, noticed the weekly report from the U.S. Energy Information Administration (EIA) released on Wednesday.

Gasoline inventories fell 1.2 million barrels last week, still standing above average change. Distilate fuels inventories were 1.6 million barrels lower.

Crude oil refinery inputs averaged over 16.2 million barrels per day, which is 5,000 barrels per day less than the previous week's average. Refineries operated at 89.1% of their capacity last week.

Crude oil imports averaged over 7.7 million barrels per day last week, which is 5,000 barrels per day lower than the week before that. In the last four weeks, crude oil imports averaged 7.8 million barrels per day, or 8.4% above the same four-week period a year ago.

On Tuesday, the American Petroleum Institute (API) reported that crude inventories in the U.S. were up by 3.45 million barrels to a total of 543.1 million barrels during the week that ended on May 6.

Earlier on Wednesday, the EIA released its International Energy Outlook, which estimated that world energy consumption is set to increase by 48% over the next 30 years, mostly on strong increases in the developing world, especially in Asia.

"Developing Asia accounts for more than half of the projected increase in global energy use through 2040. This increase will have a profound effect on the development of world energy markets," said EIA Administrator Adam Sieminski.

U.S. light sweet crude WTI rose 1.48% to $45.89 a barrel, while Brent was 1.94% higher at $46.32 a barrel at ICE Europe at 4:32 p.m. CET.

Breaking the News / ZR