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Delayed EIA Inventory Report Shows Crude Draw, Products Build

Oil prices climbed higher today after the U.S. Energy Information Administration reported a crude oil inventory draw of 2.8 million barrels for the week to June 24.

A day earlier, the American Petroleum Institute estimated an inventory draw of 3.8 million barrels for the week to June 24, after reporting its biggest oil inventory build since February for the week to June 17, at 5.6 million barrels.

In fuels, the EIA reported builds across the board for the week to June 24.

Gasoline stocks gained 2.6 million barrels in the reporting week, according to the EIA in much welcome news for motorists in the United States.

Gasoline production averaged 9.5 million barrels last week, an increase over the previous week, for which the EIA has yet to supply data.

In middle distillates, the EIA estimated an inventory build of 2.6 million barrels for the week to June 24, noting this was about 20 percent lower than the five-year average for this time of the year.

Middle distillate production averaged 5.1 million barrels daily last week, which the EIA said was a decline on the week to June 17.

EIA data for the week to June 17 is being published with a week’s delay because of systemic problems the EIA reported last Wednesday.

Brent crude was trading at $119.50 per barrel at the time of writing and West Texas Intermediate was changing hands for $113.20 at the time of writing, both up by more than a percentage point after a spike yesterday following the release of API inventory data.

Meanwhile, the supply of fuels remains tighter than usual in the U.S. despite record-high prices, which prompted President Biden to announce a four-point plan for lowering retail prices last week.

The plan, as presented in Congress, features a proposal for the three-month suspension of the federal fuel tax and a call on states to suspend state fuel taxes.

The President also called on the oil industry earlier this month to use its profits to increase refining capacity and on retail fuel station owners, who should pass the power price on to consumers.

By Irina Slav for Oilprice.com

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