US oil inventories show continued increase
by Brian Turner
The weekly US oil inventory report showed another increase in crude oil stockpiles for the week ending May 6. It was the 12th rise in inventories in 13 weeks.
Crude oil inventories increased by 2.7 million barrels, to 327.9 million barrels. The increase was above the 1.5 million barrel increase that was expected, and came despite a drop in crude oil imports on the week.
The U.S. Department of Energy report also showed a 200,000 barrel increase in gasoline inventories and a 1.7 million barrel rise in distillate inventories.
At the same time, distillate demand dropped on the week, due to warmer weather, while gasoline demand rose in anticipation of the beginning of the US summer driving season that begins the last weekend in May with the Memorial Day holiday.
In early afternoon trading on the New York Mercantile Exchange, June futures of West Texas Intermediate fell 97 cents to $51.10 per barrel.
In London, in late afternoon trading, IPE Brent June delivery fell 82 cents to $50.61 per barrel.
June Nymex unleaded gasoline fell 1.73 cents to $1.493 per gallon, while June Nymex heating oil fell 2.71 cents to $1.4240 per gallon.
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