Energy Preview: US crude oil inventories increase by 2 million barrels, EIA data shows

Crude oil inventories in the United States saw an increase of 2.0 million barrels during the week ending July 17, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 411.7 million barrels, according to government data, which are now 6% 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 had risen by 2.603 million barrels in the period. For total motor gasoline, the EIA reported that inventories had increased by 800,000 barrels, compared to the week prior?s 1.5 million barrel draw. The most recent figures showed that average daily gasoline production increased to 9.7 million barrels.

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