Weekly Crude Oil Review: Sentiments Supported, WTI Approaches Around $110 Per Barrel

7 May 2022 , 02:11 PM

WTI Crude oil bounced near $110 per barrel on good support despite weakness in equities. The U.S. Energy Information Administration estimated oil inventories had added 1.3 million barrels during the week to April 29. At 415.7 barrels, the EIA said, inventories were 15 percent below the five-year average for this time of the year. Gasoline inventories fell by 2.2 million barrels last week, according to the authority. This compared with a decline of 1.6 million barrels a week earlier. Gasoline production averaged 9.7 million bpd last week, which compared with 9.5 million bpd during the previous week. In middle distillates, the EIA estimated an inventory draw of 2.3 million barrels for last week of April, which compared with a decline of 1.4 million barrels for the previous week. Middle distillate production averaged 4.7 million barrels daily, which was down from 4.8 million bpd a week ago. Refinery runs averaged 15.5 million barrels daily last week, compared with 15.7 million bpd a week earlier.Powered by Commodity Insights