Energy Preview: WTI crude oil slips as EIA reports 1.3 million barrels build in stockpiles

Crude oil slumped sharply after inventories in the United States saw an increase of 1.3 million barrels during the week ending May 16, according to new data from the U.S. Energy Information Administration released on Wednesday. For total motor gasoline, the EIA estimated that inventories increased by 800,000 barrels for the week to May 16, with daily production increasing to an average 9.6 million barrels. This compares with an inventory decrease of 1 million barrels for the previous week and an average daily production of 9.4 million barrels. For middle distillates, the EIA estimated an increase of 600,000 barrels, with production increasing to 4.7 million barrels daily.

Powered by Commodity Insights