Weekly Crude Oil Review: WTI Futures Hit $120 Mark

4 Jun 2022 , 12:48 PM

WTI Crude spiked to highest levels in months despite assurances of an increase in output. Organization of the Petroleum Exporting Countries and allies, together called OPEC+ decided to boost output by 648,000 barrels per day (bpd) in July and August, instead of by 432,000 bpd as previously agreed. WTI crude futures hit $120 per barrel, adding good gains amid tight US inventories data and escalation in the Russia-Ukraine war. The EIA reported a higher than expected inventory draw of 5.1 million barrels for the week to May 27 compared with a draw of 1 million barrels for the previous week. At 414.7 million barrels, U.S. crude oil inventories are some 15 percent below the five-year average for this time of the year. EIA noted that the total fuel products supplied over the last four-week period averaged 19.5 million barrels a day, up by 3.0% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, down by 3.1% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, down by 5.4% from the same period last year.Powered by Commodity Insights