Oil Remained Pressured Despite Declines in Gasoline and Distillate Stocks

According to the DOE/EIA weekly report, total crude oil and petroleum products stocks jumped +1.53 mmb to 1071.10 mmb in the week ended May 4. Crude stockpile increased +3.65 mmb to 379.52 mmb as stockpiles increased in 4 out of 5 PADDs. Cushing stock alone rose +1.16 mmb to 44.13 mmb. Utilization rate increased +0.4% to 86.4%.

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Oil Remained Pressured Despite Declines in Gasoline and Distillate Stocks