US: EIA Crude Oil Stocks increase by 1.3 million barrels, WTI trades below $63

Crude Oil Stocks Change in the US was +1.3 million barrels in the week ending May 14, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts' estimate was for an increase of 1.6 million barrels.

Market reaction

Crude oil prices showed no immediate reaction to this report and the barrel of West Texas Intermediate was last seen losing 3.6% on a daily basis at $62.90.

Additional takeaways

"US crude oil refinery inputs averaged 15.1 million barrels per day during the week ending May 14, 2021, which was 96,000 barrels per day more than the previous week’s average."

"US crude oil imports averaged 6.4 million barrels per day last week, increased by 0.9 million barrels per day from the previous week."

"Total products supplied over the last four-week period averaged 19.2 million barrels a day, up by 19.1% from the same period last year."