For the week ending on May 18, the Energy Information Administration’s petroleum status report showed that total crude inventories grew by 5.7 million bbl. At 438.1 million bbl, stocks are 78.2 million bbl lower than they were at this time last year. Last week, a decrease in crude exports, an increase in imports and record-breaking crude production contributed to the inventory growth. The news was a surprise to the market, which expected to see inventories decline in the run-up to Memorial Day weekend. If the trend continues in the weeks to come, crude prices may edge lower.
U.S. Crude Inventories Swell Ahead of Summer Driving Season