US Crude Inventories Slide as Refiners Ramp Up Runs, Prices Edge Higher
U.S. commercial crude stocks fell 7.2 million barrels to 426.5 million for the week ending June 5, about 5% below the five-year average, per the EIA (API had shown a 9.1 million-barrel draw earlier). Crude prices were higher mid-morning, with Brent around $92.82 and WTI near $89.81. Gasoline inventories rose 200,000 barrels while distillates fell 200,000 as refinery runs increased and gasoline production rose to 9.7 million barrels per day. Total products supplied, a proxy for demand, averaged 20.6 million bpd over the last four weeks, with year-over-year gains in gasoline (8.8 mbpd) and distillates (3.7 mbpd). Distillate stocks remain about 13% below the five-year average.