Commodities Buzz: Crude oil inventories in the US down by 3.3 million barrels, EIA data shows

Crude oil inventories in the United States decreased by 3.3 million barrels during the week ending May 22, according to new data from the U.S. Energy Information Administration (EIA) released on Thursday. The decrease brings commercial stockpiles to 441.7 million barrels, according to government data, which is now 2% below the five-year average for this time of year. The EIA?s data release follows API?s figures that were released a day earlier, which reported that crude oil inventories saw a draw of 2.8 million barrels in the period. For total motor gasoline, the EIA reported that inventories had decreased by 2.6 million barrels after sinking by 1.5 million barrels in the week prior. The most recent figures showed that average daily gasoline production increased to 9.9 million barrels.

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