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1. • • The EIA said that at 420.6 million barrels, crude oil inventories were still below the seasonal five-year average, by some 4 percent. A day earlier, the American Petroleum Institute estimated a crude oil inventory build of close to 3.3 million barrels, citing refinery shutdowns that took about 1 million barrels daily in refining capacity offline.
     oilprice.com/Energy/Crude-Oil/WTI-Crude-Ticks-Higher-After-EIA-Confirms-Small-Inventory-Build.html

     WTI Crude Ticks Higher After EIA Confirms Small Inventory ...

2. People also ask

   Are US crude oil inventories below the seasonal average?

   • Today's EIA report showed that (1) US crude oil inventories as of May 17 were -3.0% below the seasonal 5-year average, (2) gasoline inventories were -1.8% below the seasonal 5-year average, and (3) distillate inventories were -7.3% below the 5-year seasonal average.

   Crude Prices Fall as Weekly EIA Inventories Unexpectedly Climb

   www.msn.com/en-us/money/markets/crude-prices-fall-as-weekly-eia-inventories-unexpectedly-climb/ar-BB1mRty1

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   What happened to US crude oil inventories?

   • U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.2 million barrels from the previous week. At 454.7 million barrels, U.S. crude oil inventories are about 4% below the five year average for this time of year.

   Summary of Weekly Petroleum Data for the week ending May 17, 2024

   ir.eia.gov/wpsr/wpsrsummary.pdf?source=content_type:react|first_level_url:news|section:main_content|button:body_link

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   How many barrels of crude oil are in the United States?

   • At 454.7 million barrels, U.S. crude oil inventories are about 4% below the five year average for this time of year. Total motor gasoline inventories increased by 2.0 million barrels from last week and are about 1% below the five year average for this time of year. Both finished gasoline and blending components inventories increased last week.

   Summary of Weekly Petroleum Data for the week ending May 17, 2024

   ir.eia.gov/wpsr/wpsrsummary.pdf?source=content_type:react|first_level_url:news|section:main_content|button:body_link

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   Why are crude oil prices so high?

   • Crude oil prices are driven by global supply and demand. Economic growth is one of the biggest factors affecting petroleum product—and therefore crude oil—demand. Growing economies mean a higher demand for energy, in general, especially for transporting goods from producers to consumers.

   Oil and petroleum products explained Oil prices and outlook

   www.eia.gov/energyexplained/oil-and-petroleum-products/prices-and-outlook.php

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   What are crude oil and petroleum product prices?

   • Crude oil and petroleum product prices are the result of thousands of transactions taking place simultaneously around the world at all points in the supply chain—from the crude oil producer to the individual consumer. Oil markets are essentially a global auction—the highest bidder will win the available supply.

   Oil and petroleum products explained Oil prices and outlook

   www.eia.gov/energyexplained/oil-and-petroleum-products/prices-and-outlook.php

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   How does economic growth affect crude oil demand?

   • Economic growth is one of the biggest factors affecting petroleum product—and therefore crude oil—demand. Growing economies mean a higher demand for energy, in general, especially for transporting goods from producers to consumers. The world’s transportation sector depends almost totally on petroleum products such as gasoline and diesel fuel.

   Oil and petroleum products explained Oil prices and outlook

   www.eia.gov/energyexplained/oil-and-petroleum-products/prices-and-outlook.php

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3. www.msn.com › en-us › moneyCrude Under Pressure as Weekly EIA Inventories ... - MSN

   www.msn.com › en-us › money

   Crude oil prices have underlying support from concern about the Hamas-Israel conflict. ... US crude oil inventories as of June 21 were -1.5% below the seasonal 5-year average, (2) gasoline ...

   • Crude Prices Fall as Weekly EIA Inventories Unexpectedly Climb

     Today's EIA report showed that (1) US crude oil inventories...

4. www.eia.gov › petroleum › supplyWeekly Petroleum Status Report - U.S. Energy Information ...

   www.eia.gov › petroleum › supply

   • Cached

   Jun 14, 2024 · Weekly Petroleum Status Report. Notice: Table 11 and Table 12 certain spot prices are currently not available. Table 13 futures prices after April 5, 2024, are not available. The petroleum supply situation in the context of historical information and selected prices.

5. Videos

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     Oil Prices Fall Further As U.S. Crude Oil Inventories See Major Build | OilPrice.com

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6. www.msn.com › en-us › moneyCrude Prices Fall as Weekly EIA Inventories Unexpectedly Climb

   www.msn.com › en-us › money

   Today's EIA report showed that (1) US crude oil inventories as of May 17 were -3.0% below the seasonal 5-year average, (2) gasoline inventories were -1.8% below the seasonal 5-year average, and...

7. www.eia.gov › energyexplained › oil-and-petroleumOil prices and outlook - U.S. Energy Information ...

   www.eia.gov › energyexplained › oil-and-petroleum

   • Cached

   Aug 16, 2023 · Crude oil prices are driven by global supply and demand. Economic growth is one of the biggest factors affecting petroleum product—and therefore crude oil—demand. Growing economies mean a higher demand for energy, in general, especially for transporting goods from producers to consumers.

8. boereport.com › 2024/06/28 › oil-traders-expectOil traders expect large inventory draw in third quarter ...

   boereport.com › 2024/06/28 › oil-traders-expect

   • Cached

   1 day ago · Cushing inventories were 10 million barrels (-22% or -0.66 standard deviation) below the seasonal average on June 21, little changed from a deficit of 12 million barrels (-27% or -0.89 standard deviation) on December 15.

9. www.eia.gov › analysisAnalysis & Projections - U.S. Energy Information ...

   www.eia.gov › analysis

   • Cached

   EIA forecasts crude oil prices will increase through 2024 as demand rises above supply. tags: STEO consumption/demand crude oil liquid fuels oil/petroleum prices + production/supply.

10. ir.eia.gov › wpsr › wpsrsummarySummary of Weekly Petroleum Data for the week ending June 21 ...

    ir.eia.gov › wpsr › wpsrsummary

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.6 million barrels from the previous week. At 460.7 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year.