EIA Signals Big Draw as U.S. Crude Stocks Drop 8 Million Barrels
TL;DR Summary
The EIA reported an 8.0-million-barrel decline in U.S. crude inventories for the week ending May 29, lowering stockpiles to 433.7 million and 3% below the five-year average. API had flagged a 6.75-million-barrel draw the day before. In early trading, Brent rose to about $98.24/b and WTI to $95.99/b. Gasoline stocks rose 3.4 million barrels and distillates 1.5 million, while overall demand (Total Products Supplied) averaged 20.4 million bpd over the past four weeks, up 3% year over year.
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