In the week ended June 4, crude reserves fell 5.2 million barrels, while analysts expected a decline of 3.5 million.
Crude oil inventories in the United States fell more than expected but gasoline inventories rose sharply during the week ended June 4, the United States Energy Information Agency (EIA) said on Wednesday.
Crude reserves fell 5.2 million barrels to 474.3 million barrels as analysts expected a decline of 3.5 million barrels.
Gasoline reserves, on the other hand, jumped by 7 million barrels, far more than the increase of 1.2 million expected, as refineries had boosted their capacities in the run-up to Memorial Day weekend, usually synonymous with long journeys by car, finally rainy.
Inventories of distillates, especially diesel, also swelled more than expected, rising 4.4 million barrels as the market expected a 1.8 million increase.
The evolution of the prices of the main crude oil contracts slowed significantly after the publication of these figures.
The contract on the Brent barrel of the North Sea for delivery in August listed in London only advanced by 0.14% to 72.32 dollars.
That on the barrel of WTI for the month of July listed in New York was stable at 70.05 dollars.
The EIA report also showed that US crude oil exports resumed their rise, climbing to 2.93 million barrels per day (mb / d), up 387,000 bp / d. Imports also increased, from 1 mb / d to 6.6million barrels per day.
Production continued to grow to 11 million barrels per day while refineries also ramped up capacity last week which climbed to 91.3%, processing 15.9 million barrels per day.
It is this ramping up of refineries when demand for gasoline and diesel has not been as strong as expected that has driven up reserves of gasoline and distillates, causing the market reaction to bearish.
“Lower implied demand for gasoline and distillates has resulted in solid inventory build-ups for both products, offsetting the upward impact of lower crude inventories,” ClipperData’s Matt Smith said, commenting on prices.
Consumption of petroleum products actually sagged from 1.4 million barrels per day to 17.7 million mb / d that week. Average consumption over the past four weeks stood at 19 mb / d, up 16.7% (less than the week before) from a year ago.
In the Cushing tanks in Oklahoma (South Central), where WTI oil is listed in New York, reserves increased by 200,000 barrels to 45.7 million barrels.