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U.S. Crude Oil Inventories Plunge Much More Than Expected
(RTTNews) - A report released by the Energy Information Administration on Wednesday showed a steep drop by U.S. crude oil inventories in the week ended June 13th.
The EIA said crude oil inventories plunged by 11.5 million barrels last week after falling by 3.6 million barrels in the previous week. Economists had expected crude oil inventories to dip by 2.3 million barrels.
At 420.9 million barrels, U.S. crude oil inventories are about 10 percent below the five-year average for this time of year, the report said.
Meanwhile, the EIA said gasoline inventories crept up by 0.2 million barrels last week but remain about 2 percent below the five-year average for this time of year.
Distillate fuel inventories, which include heating oil and diesel, also rose by 0.5 million barrels last week but remain about 17 percent below the five-year average for this time of year, the report said.
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