Commodities Buzz: U.S. Oil inventories decrease further in week ending June 22 -EIA

U.S. crude oil inventories decreased again in the week ending June 22, the U.S. Energy Information Administration (EIA) said in a report on Wednesday. According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 9.9 million barrels during the week ending June 22.

In the previous week ending on June 15, EIA reported a draw of 5.9 million barrels. For the same week, The American Petroleum Institute (API) on Tuesday reported a draw of 9.2 million barrels. U.S. crude oil refinery inputs averaged about 17.8 million barrels per day during the week ending June 22, which was 115,000 barrels per day more than the previous weeks average.U.S. crude oil inventories are about 4 percent below the five-year average for this time of year.

Total motor gasoline inventories increased by 1.2 million barrels last week and are about 6 percent above the five-year range. Finished gasoline inventories decreased while blending components inventories increased last week.