Source: Golden Ten Data
According to the EIA report, for the week ending May 10, US commercial crude oil inventories excluding strategic reserves fell by 2.508 million barrels to 457 million barrels, a decrease of 0.55%, which was higher than market expectations.
According to the EIA report, for the week ending May 10, US commercial crude oil inventories excluding strategic reserves fell by 2.508 million barrels to 457 million barrels, a decrease of 0.55%, which was higher than market expectations. US strategic oil reserve (SPR) inventories increased by 593,000 barrels to 367.8 million barrels, an increase of 0.16%. Strategic oil reserve stocks were the highest since the week of April 14, 2023.
Excluding strategic reserves, the US imported 6.744 million b/d of commercial crude oil, a decrease of 225,000 b/d from the previous week. The average four-week supply of U.S. crude oil products was 2.075,000 b/d, an increase of 0.71% over the same period last year. U.S. crude oil exports fell by 333,000 b/d to 4.135,000 b/d. U.S. domestic crude oil production remained unchanged at 13.10 million b/d. US crude oil imports from Saudi Arabia fell by 159,000 b/d to 196,000 b/d.
Furthermore, the US EIA gasoline inventory for the week up to May 10 recorded -235,000 barrels, which is expected to be 537,000 barrels, compared to the previous value of 915,000 barrels. EIA's Oklahoma Cushing crude oil inventory recorded -341,000 barrels, with a previous value of 1.88 million barrels.