Crude oil prices went higher today, after the U.S. Energy Information Administration reported an inventory draw of 4.9 million barrels for the week to July 12.
This was on top of the draw of 3.4 million barrels for the previous week.
This was largely in line with the estimates provided by the American Petroleum Institute, which reported on Tuesday an inventory draw of 4.44 million barrels for the week to July 12 in the throes of the high-demand season.
Crude oil inventories in the United States are now roughly 5% below the five year average for this time of year.
The EIA reported mixed changes in fuel inventories for the week to July 12.
In gasoline, the agency estimated an inventory increased 3.3 million barrels in the week ending July 12, with production at 9.5 million barrels daily. Gasoline inventories are now slightly over the five-year average for this time of year.
This week’s figures compared with an inventory decline of 2 million barrels in the week prior, when production of gasoline averaged 10.3 million barrels daily.
In middle distillates, the authority estimated an inventory build of 3.5 million barrels for the week to July 5, with production rising to an average of 5.2 million barrels daily—a figure that is 7% below the five year average.
This week’s distillate figures compare with an inventory build of 4.9 million barrels reported in the week prior, when production of the fuel averaged 5.1 million barrels daily.
Oil prices are up on the day, with both benchmarks trading up more than 1% up. WTI crude oil was up $1.32 per barrel after data release, with Brent trading up $0.93 per barrel on the day.
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