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US crude oil inventories jump over latest week, DoE says
US crude oil and product stockpiles jumped last week, on the back of a jump in net imports.
Commercial inventories of crude increased by 5.8m barrels over the week ending on 18 May to reach 438.1m barrels, according to the Energy Information Administration, the Department of Energy's statistical arm.
In parallel, imports averaged roughly 8.2m barrels per day, which was 558,000 b/d more than in the prior week.
Helped by a 818,000 b/d reduction in exports, that drove a 1.376m b/d jump in net imports for last week, the DoE said in a separate report.
The rate of domestic output meanwhile was higher by 2,000 b/d at 10.725m b/d.
Gasoline inventories were replenished by 1.9m barrels, while those propane/propylene rose by 0.7m b/d.
Inventories of distillate fuels on the other hand decreased by 1.0m b/d.
Refineries operated at 91.8% of their capacity during the latest week.
As of 1628 BST, front month West Texas Intermediate crude oil futures on the ICE were 0.866% lower to $71.58 a barrel.