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  • EIA reports smaller-than-expected increase in US crude oil stocks.
  • WTI recovers modestly on EIA data, trades near $26.

Commercial crude oil inventories in the United States increased by 4.6 million barrels in the week ending May 1st, the Energy Information Administration (EIA) announced in its Weekly Petroleum Status Report on Wednesday. This reading came in lower than the market expectation for an increase of 7.7 million barrels.

Market reaction

Crude oil prices recovered modestly on this data and was last seen down 4% on the day at $26.05.

Additional takeaways

“US crude oil refinery inputs averaged 13.0 million barrels per day during the week ending May 1, 2020 which was 216,000 barrels per day more than the previous week’s average.” 

“Total products supplied over the last four-week period averaged 14.8 million barrels a day, down by 27.0% from the same period last year.”

“Over the past four weeks, motor gasoline product supplied averaged 5.7 million barrels a day, down by 39.6% from the same period last year.”