Energy Preview: Oil Rises From One Week Low

23 May 2022 , 12:42 AM

WTI Crude oil futures tanked to a one week low last week, extending a selloff after the break under $110 per barrel amid brutal losses in global equities. The commodity moved up thereafter though. The US Energy Information Administration reported an inventory draw of 3.4 million barrels for the week to May 13. At 420.8 million barrels, the EIA said, inventories of crude oil were 14 percent below the five-year average for this time of the year. While the inventories fell, the US crude oil imports went up, indicating firm demand despite elevated prices for products- particularly Gasoline. The US crude oil imports averaged 6.6 million barrels per day last week, up by 299,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 4.7% more than the same four-week period last year.Powered by Commodity Insights