US crude oil inventories up 0.6% for week ending May 5

US commercial crude oil inventories increased 0.6% during the week ending May 5, according to data released by the Energy Information Administration (EIA) late Wednesday.

Inventories rose by around 3 million barrels to 462.6 million barrels, lower than the American Petroleum Institute’s expectation of a rise of 3.6 million barrels.

Strategic petroleum reserves, which are excluded from commercial crude stocks, however, fell by about 2.9 million barrels to 362 million barrels last week, the data revealed.

Gasoline inventories also declined by around 3.2 million barrels to 219.7 million barrels over the same period.

– Crude production remains unchanged

EIA data showed that US crude oil imports increased by 843,000 barrels per day (bpd) to around 5.55 million bpd during the week ending May 5, while crude oil exports fell by 1.86 million bpd to about 2.87 million bpd.

US crude oil production, meanwhile, remained unchanged at 12.74 million bpd over the same period.

In the Short-Term Energy Outlook (STEO) released on May 9, the EIA forecast that crude oil output in the US would average 12.53 million bpd this year, up from 11.90 million bpd in 2022.

Crude oil output in the country in 2024 is forecast to reach 11.88 million bpd.

• Energy Information Administration (EIA)