FX.co ★ U.S. Crude Oil Inventories Pull Back In Line With Estimates

The Energy Information Administration (EIA) revealed that US crude oil inventories reflect a decrease in line with predictions for the week ending on May 3rd. This follows a notable surge in the previous week.

The EIA's report indicates that crude oil inventories dropped by 1.4 million barrels, a number that aligned perfectly with economic forecasts. This is a significant decrease compared to the sharp 7.3 million barrels surge from the week before.

Currently, the U.S. crude oil inventories are approximately 3 percent below the five-year average for this same period, according to the EIA.

The report also illustrates a rise in gasoline inventories, growing by 0.9 million barrels last week. Despite this increase, these inventories still remain about 2 percent below the five-year average for this time of year.

Distillate fuel inventories, which encompass heating oil and diesel, also observed a slight increase last week, with a rise of 0.6 million barrels. Notwithstanding this rise, these inventories are still approximately 7 percent below the five-year average for this time of year.