Investing.com – Crude oil futures erased gains in choppy trade on Thursday, dropping to a six-day low, after a government report showed that U.S. crude oil inventories rose unexpectedly last week.
On the New York Mercantile Exchange, light sweet crude futures for delivery in June traded at USD99.58 a barrel during U.S. morning trade, shedding 0.3%.
It earlier fell to USD99.34 a barrel, the lowest price since May 25.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose unexpectedly in the week ended May 27, climbing by 2.9 million barrels.
Analysts had expected U.S. crude oil inventories to decline by 1.8 million barrels.
Total U.S. crude oil inventories for the week ended May 27 stood at 373.8 million barrels, remaining above the upper limit of the average range for this time of year.
Total motor gasoline inventories increased by 2.6 million barrels, significantly higher than the expected 0.7 million barrel increase. Stocks of distillate fuels including heating oil and diesel decreased 1.0 million barrels.
U.S. crude oil imports averaged 9.5 million barrels per day last week, up by 286,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged nearly 9.1 million barrels per day, 654,000 barrels per day below the same four-week period last year.
U.S. crude oil refinery inputs averaged just below 14.9 million barrels per day, 10,000 barrels per day above the previous week’s average. Refineries operated at 86.0% of their operable capacity last week.
Gasoline production increased last week, averaging 9.4 million barrels per day. Distillate fuel production decreased slightly last week, averaging about 4.3 million barrels per day.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for July delivery rose 0.35% to trade at USD114.75 a barrel, up USD15.17 on its U.S. counterpart.
On the New York Mercantile Exchange, light sweet crude futures for delivery in June traded at USD99.58 a barrel during U.S. morning trade, shedding 0.3%.
It earlier fell to USD99.34 a barrel, the lowest price since May 25.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose unexpectedly in the week ended May 27, climbing by 2.9 million barrels.
Analysts had expected U.S. crude oil inventories to decline by 1.8 million barrels.
Total U.S. crude oil inventories for the week ended May 27 stood at 373.8 million barrels, remaining above the upper limit of the average range for this time of year.
Total motor gasoline inventories increased by 2.6 million barrels, significantly higher than the expected 0.7 million barrel increase. Stocks of distillate fuels including heating oil and diesel decreased 1.0 million barrels.
U.S. crude oil imports averaged 9.5 million barrels per day last week, up by 286,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged nearly 9.1 million barrels per day, 654,000 barrels per day below the same four-week period last year.
U.S. crude oil refinery inputs averaged just below 14.9 million barrels per day, 10,000 barrels per day above the previous week’s average. Refineries operated at 86.0% of their operable capacity last week.
Gasoline production increased last week, averaging 9.4 million barrels per day. Distillate fuel production decreased slightly last week, averaging about 4.3 million barrels per day.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for July delivery rose 0.35% to trade at USD114.75 a barrel, up USD15.17 on its U.S. counterpart.