EIA: US crude inventories fell 1.8 million barrels last week
Crude oil prices were higher Wednesday after the US Energy Information Administration said that US inventories fell more than expected last week.
New data from the EIA showed that crude oil stockpiles fell by 1.8 million barrels in the week ending 4 June to 361.4 million barrels, which was 200,000 barrels below last year’s levels, while gasoline inventories held steady at 219 million barrels in storage and distillates stockpiles added 1.8 million barrels to 154.8 million barrels.
Inventories of gasoline and distillates stood at 17.4 million barrels and 5.1 million barrels respectively above last year’s levels.
July contracts for West Texas Intermediate crude was up $2.56 to $74.55 per barrel in early afternoon trade on the New York Mercantile Exchange, while at last report Brent crude was $2.10 higher to $74.40 per barrel on the ICE Futures Europe exchange in London.
There was also news that Norway has halted new drilling due to uncertainties about what caused a BP (LSE: BP) well in the Gulf of Mexico to explode and leak oil.
Nymex July gasoline futures and heating oil futures each added 5 cents in afternoon trade, to $2.04 per gallon and $2.01 per gallon respectively, while July natural gas futures were 6 cents lower to $4.75 per million British thermal units.
The retail price of a gallon of unleaded regular gasoline was down slightly overnight to $2.713 per gallon on average nationally.
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