WTI Crude oil futures dropped for a third session today as weakness stayed around after the futures came off their four year highs. US crude oil inventories, excluding the Strategic Petroleum Reserve, increased 5.8 million barrel for the week ended May 18, according to US Energy Information Administration data. The latest stockpiles estimate is 438.1 million barrel, putting oil in storage in the lower half of the average range for this time of year, the Weekly Petroleum Status Report indicated.
The report also said total motor gasoline inventories increased 1.9 million bbl and are in the upper half of the average range. Finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories decreased 1 million bbl last week and are in the lower half of the average range for this time of year.
US refinery inputs averaged more than 16.6 million b/d for the week ended May 18, about 7,000 b/d less than the previous week’s average. Refineries operated at 91.8% of capacity. In a key trigger for the coming summer driving season, the US Gasoline production increased, averaging more than 10 million b/d. WTI Crude currently trades at $ 71.63 per barrel, down 0.28% on the day. MCX Crude also dropped 0.34% to close at Rs 4912 per barrel yesterday.