Markets

Mid-Session Energy Market Report

June crude oil traded modestly lower during the early morning hours, but a larger than expected EIA inventory build helped to push prices down to their lowest level since April 20th. EIA crude stocks rose 3.421 million barrels to 366.546 million. That represents a 5.971 million barrel inventory surplus compared to year ago levels. The larger than expected jump in stocks came despite a 4.2% decline in weekly imports to a rate of 8.877 million barrels per day. The refinery operating rate was 82.8%, up 0.1% from last week. EIA gasoline stocks marked their 11th weekly decline, this time falling by 1.046 million barrels. This represents a 9.0% deficit compared to year ago inventory levels. Average total gasoline demand for the past four weeks was down 1.92% compared to last year. Gasoline imports came in at 1.106 million barrels per day compared to 1.050 million barrels the previous week.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities