US crude oil inventories up by 0.8% for week ending May 9

US commercial crude oil inventories increased by 0.8% during the week ending May 9, according to data released by the Energy Information Administration (EIA) late Wednesday.

Inventories rose by around 3.5 million barrels to 441.8 million barrels, against the market prediction of a 2 million barrel decrease.

Strategic petroleum reserves, which are excluded from commercial crude stocks, increased 500,000 barrels, reaching 399.7 million barrels, the data revealed.

Over the same period, gasoline inventories fell by around 1 million barrels to 224.7 million barrels.

– Crude production increases

EIA data showed that US crude oil production increased by 20,000 barrels per day (bpd) to about 13.38 million bpd during the week ending May 9.

US crude oil imports decreased by 214,000 bpd to approximately 5.84 million bpd, while exports fell by 637,000 bpd to around 3.36 million bpd over the same period.

In the Short-Term Energy Outlook (STEO) released on May 7, the EIA predicted that crude oil output in the country would reach an average of 13.4 million bpd in 2025.

• Energy Information Administration (EIA)
• Short-Term Energy Outlook (STEO)