The U.S. Energy Information Administration (EIA) reported a significant increase in crude oil inventories for the week ending May 31, 2024. Crude oil inventories rose by 1.233 million barrels, contrary to the forecasted decrease of 2.3 million barrels. This marks a notable shift from the previous week's drawdown of 4.156 million barrels. Additionally, Cushing crude oil inventories increased by 0.854 million barrels, gasoline inventories rose by 2.102 million barrels, and distillate inventories surged by 3.197 million barrels. The overall rise in petroleum inventories was 14.354 million barrels, the largest build of the year so far. Commercial inventories increased by 1.233 million barrels, and the Strategic Petroleum Reserve (SPR) rose by 0.898 million barrels. These inventory increases come despite forecasts predicting declines, indicating a potential oversupply in the market.
US crude oil inventories increased by 1.2 mb last week to 455.9 mb… gasoline and diesel inventories increased by a total of 5.3 mb! #oil https://t.co/GxyBsYCwen
EIA Crude: 1.233M Cushing: 0.854M Gasoline: 2.102M Distillates: 3.197M
😬 YEESH Another BIG US stock build, with total commercial rising 13.5 MMbbl last week (largest of the year so far) Crude back to a mild build (+1.2 MMbbl), while gasoline (+2.1) and distillate continue to climb (+3.2) alongside another bunch of propane (+2.5) & "other" (+4.5) https://t.co/vqMGKlPq1R
Weekly crude oil build of 1.233M vs draw expected of -2.311M https://t.co/44Rx7Aq7Eg
🇺🇸 United States Gasoline Inventories $USD Actual: 2.102M 🔴 Expected: 2.600M Previous: 2.022M
🇺🇸 United States Heating Oil Stockpiles $USD Actual: 0.362M Previous: -0.211M
U.S CRUDE OIL INVENTORIES ACTUAL: 1233K VS -4156K PREVIOUS; EST -2300K U.S CUSHING CRUDE OIL INVENTORIES ACTUAL: 854K VS -1766K PREVIOUS U.S GASOLINE INVENTORIES ACTUAL: 2102K VS 2022K PREVIOUS; EST 1700K U.S DISTILLATE INVENTORY ACTUAL: 3197K VS 2544K PREVIOUS; EST 2170K
🇺🇸 United States Gasoline Production $USD Actual: -0.527M Previous: -0.038M
🇺🇸 United States EIA Weekly Distillates Stocks $USD Actual: 3.197M 🟢 Expected: 3.000M Previous: 2.544M
🇺🇸 United States Distillate Fuel Production $USD Actual: 0.031M Previous: -0.034M
🇺🇸 United States Cushing Crude Oil Inventories $USD Actual: 0.854M Previous: -1.766M
US crude inventories rose by 2.131mb last week (commercial +1.233mb, SPR +0.898mb) EIA #oott
🇺🇸 United States Crude Oil Imports $USD Actual: 0.013M Previous: 0.611M
🇺🇸 United States EIA Refinery Crude Runs (WoW) $USD Actual: 0.061M Previous: 0.601M
🇺🇸 United States Crude Oil Inventories $USD Actual: 1.233M 🟢 Expected: -2.100M Previous: -4.156M
EIA CRUDE CUSHING INVENTORIES ACTUAL 0.854M (FORECAST -, PREVIOUS -1.766M) $MACRO
US petroleum inventories (crude, SPR, refined products) rose by 14.354mb w/w to 1,646.827mb last week EIA #oott
🔴 ⚠️ BREAKING: EIA CRUDE OIL INVENTORIES ACTUAL 1.233M (FORECAST -2.3M, PREVIOUS -4.156M) $MACRO
EIA GASOLINE INVENTORIES ACTUAL 2.102M (FORECAST 1.7M, PREVIOUS 2.022M) $MACRO
EIA (wk ending 31 May) Crude: 1.233M Cushing: 0.854M Gasoline: 2.102M Distillates: 3.197M
EIA DISTILLATE INVENTORIES ACTUAL 3.197M (FORECAST 2.17M, PREVIOUS 2.544M) $MACRO
EIA crude inventories at 10:30 AM ET Forecast: -2.100M crAPI yesterday: +4.052M @MicDropMarkets spaces up after with Tony Greer and Kevin Smith https://t.co/uFNxGCTPov
EIA crude inventories at 10:30 AM ET Forecast: -2.100M crAPI yesterday: +4.052M @MicDropMarkets spaces up after with Tony Green and Kevin Smith https://t.co/SF7YBxWOeE
API STATS from Yesterday: Crude +4.1 Cush +1.0 Disty +2.0 Gasoline +4.0 EIA ESTIMATES: (REUTERS POLL) CL: -2.311 Genscape-Cushing: +0.592 Dist: +2.532 Mogas: +1.964
API weekly oil inventory report: crude +4.052 million (exp. -1.9 million) gasoline +4.026 million distillates +1.975 million Cushing +983,000 SPR +0.9 million
US API GASOLINE STOCK CHANGE ACTUAL 4.026M (FORECAST -, PREVIOUS -0.452M) $MACRO
US API CUSHING STOCK CHANGE ACTUAL 0.983M (FORECAST -, PREVIOUS -1.706M) $MACRO
API inventory moves 6/4 crude +4.052 million (!!!) (exp. -1.9 million) gasoline +4.026 million (!!!!) distillates +1.975 million (!!!!!) Cushing +983,000 (!!!!!!) SPR +0.9 million #oott #crudeoil
🇺🇸 United States API Weekly Crude Oil Stock $USD Actual: 4.052M 🟢 Expected: -1.900M Previous: -6.490M
US API CRUDE OIL STOCK CHANGE ACTUAL 4.052M (FORECAST -1.9M, PREVIOUS -6.49M) $MACRO
US SPR crude inventories rose by ~0.9mb w/w to 370.2mb last week #oott Sour up by ~0.9mb to 226.4mb Sweet unchanged at 143.8mb https://t.co/4vIBeayXtR
US petroleum inventories (crude, refined products, SPR) rose by 11.535mb m/m to 1,594.185mb in March - EIA #oott https://t.co/iEPInMb6T6