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Commercial crude oil inventories in the United States increased by 7.9 million barrels in the week ending May 22nd, the Energy Information Administration (EIA) announced on Thursday. This reading came in higher than the market expectation for a decrease of 1.9 million barrels

Market reaction

Crude oil prices largely ignored this data. As of writing, the barrel of West Texas Intermediate was up 1.75% on the day at $32.75.

Additional takeaways

“US crude oil refinery inputs averaged 13.0 million barrels per day during the week ending May 22, 2020 which was 87,000 barrels per day more than the previous week’s average.”

“Total products supplied over the last four-week period averaged 16.2 million barrels a day, down by 20.1% from the same period last year.”

“Over the past four weeks, motor gasoline product supplied averaged 7.0 million barrels a day, down by 25.7% from the same period last year.”