Commercial crude oil inventories in the United States increased by 15 million barrels in the week ending April 17th, the Energy Information Administration announced in its Weekly Petroleum Status Report on Wednesday. This reading came in slightly lower than the market expectation for a buildup of 15.15 million barrels.
The barrel of West Texas Intermediate largely ignored this reading and was last seen gaining more than 7% on a daily basis at $14.10.
“US crude oil refinery inputs averaged 12.5 million barrels per day during the week ending April 17, 2020 which was 209,000 barrels per day less than the previous week’s average.”
“Total products supplied over the last four-week period averaged 15.0 million barrels a day, down by 25.4% from the same period last year.”
“Over the past four weeks, motor gasoline product supplied averaged 5.5 million barrels a day, down by 41.4% from the same period last year.”