Crude Inventories Fall As Americans Start Driving Again

oil derrick

Crude oil demand increased last week according to the Energy Information Administration (EIA).

Oil inventories fell by a million barrels, yet at 337.4 million remain elevated for this time of year.

In terms of product demand, total products supplied rose 5% year over year, for the four-week trailing period.

Overall, this report was decent news for oil, which appears to be holding slight gains post-release.

EIA: Over the last four weeks, motor gasoline demand has averaged about 9.0 million barrels per day, up by 6.2 per cent from the same period last year. Distillate fuel demand has averaged 3.4 million barrels per day over the last four weeks, down by 9.5 per cent from the same period last year. Jet fuel demand is 3.3 per cent lower over the last four weeks compared to the same four-week period last year.

Read the official release here.

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