KONTAN.CO.ID - HOUSTON. U.S. commercial crude oil stockpiles jumped unexpectedly last week due to another release from the Strategic Petroleum Reserve, while gasoline inventories dropped as demand surged to its highest since 2021, the Energy Information Administration said on Wednesday. Crude inventories rose by 5 million barrels in the week to May 12 to 467.6 million barrels, compared with analysts' expectations in a Reuters poll for a 900,000-barrel drop. SPR stocks drew for a seventh week in a row, falling by 2.4 million last week to 359.59 million barrels, their lowest since September 1983, due to last year's congressionally mandated release.
US Crude Stockpiles Soar on SPR Release; Gasoline Draws Down on Strong Demand
KONTAN.CO.ID - HOUSTON. U.S. commercial crude oil stockpiles jumped unexpectedly last week due to another release from the Strategic Petroleum Reserve, while gasoline inventories dropped as demand surged to its highest since 2021, the Energy Information Administration said on Wednesday. Crude inventories rose by 5 million barrels in the week to May 12 to 467.6 million barrels, compared with analysts' expectations in a Reuters poll for a 900,000-barrel drop. SPR stocks drew for a seventh week in a row, falling by 2.4 million last week to 359.59 million barrels, their lowest since September 1983, due to last year's congressionally mandated release.