Energy Preview: EIA reports 7.1 million barrel build in crude stocks

Crude oil inventories in the United States increased by 7.1 million barrels during the week ending July 4, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 426 million barrels, still 8% below the five-year average for this time of year. For total motor gasoline, the EIA reported a decline of 2.7 million barrels, with daily production rising to 9.9 million barrels. For middle distillates, inventories dipped by 800,000 barrels, with production increasing to 5.1 million barrels daily. Distillate inventories are now 23% below the five-year average.

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