Oil Report: Crude Inventories Climbed Almost 10 Million Barrels Last Week

The U.S. Energy Information Administration released its Weekly Petroleum Status Report on June 10. According to the data, the amount of crude oil, and refined products in U.S. commercial storage facilities climbed again last week. At the same time, demand for refined products remains well below pre-coronavirus levels. 

As of June 5, U.S. commercial storage facilities held 538.1 million barrels, 14% above the five year average and up 5.7 million barrels from the prior week, ended May 29. This was a reversal from the prior week's 2.1 million barrel decline. 

The majority of of the increase in crude oil inventories was the increase in crude imports. Approximately 3.45 million barrels per day of crude oil were imported last week, about 600,000 barrels per day higher than the week ended May 29. This is still below the average of 4.17 million barrels last year, but contributed 4.2 million additional barrels of oil to U.S. inventories over the past week. 

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Source Fool.com