U.S. crude oil inventories rose by 2.499 million barrels in the week ending May 16, according to new data from the American Petroleum Institute (API). Analysts had expected a draw of 1.85 million barrels. This marks the second consecutive weekly increase, following a build of 4.287 million barrels the week before.
So far in 2024, crude inventories have grown by more than 25 million barrels, based on API figures compiled by Oilprice.com.
The Department of Energy (DoE) also reported this week that the Strategic Petroleum Reserve (SPR) added 900,000 barrels, bringing total reserves to 400.5 million barrels. While still far below pre-withdrawal levels under the Biden administration, the SPR has been replenishing at a quicker pace in recent weeks.
Despite rising crude stockpiles, oil prices showed minimal movement. As of 4:20 p.m. ET on May 16, Brent crude was up by $0.12 (0.18%) at $65.66, though still about $1 lower than the same time last week. West Texas Intermediate (WTI) edged down by $0.07 (0.11%) to $62.62, also nearly $1 below last week’s level.
Meanwhile, gasoline inventories dropped by 3.238 million barrels last week, after a 1.374-million-barrel decline the week before. The U.S. Energy Information Administration (EIA) reported that gasoline stocks were 3% below the five-year average as of last week.
Distillate inventories also continued to fall, down 1.401 million barrels following a 3.675-million-barrel draw the previous week. These inventories were already 16% below the five-year seasonal average as of May 9, according to the EIA.
Cushing, Oklahoma—the key storage hub for U.S. crude futures—saw inventories decline by 443,000 barrels, adding to an 850,000-barrel drop the week prior, API data showed.
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