Crude Eases From Two Month High

27 May 2022 , 12:09 PM

WTI Crude oil futures eased a bit in Asia after approaching near two month high. The commodity extended gains above $110 per barrel this week amid sustained hopes of good demand in the US driving season. Rising US Crude oil imports and tight gasoline inventories are keeping the sentiments well supported. The EIA reported yesterday that US crude oil imports averaged 6.5 million barrels per day last week, down by 82,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 8.6% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 847,000 barrels per day, and distillate fuel imports averaged 80,000 barrels per day. The prices slipped in Asia though and WTI futures currently trade at $113.75 per barrel, down 0.30% on the day.Powered by Commodity Insights