WTI crude oil prices recovered above $79 per barrel after the U.S. Energy Information Administration reported an inventory draw of 1.4 million barrels for the week to May 3. This compared with a build of 7.3 million barrels estimated for the previous week that pressured prices last week. The EIA, for its part, also reported small inventory builds in gasoline and middle distillate inventories for the period. In gasoline, the authority estimated an inventory increase of 900,000 barrels for the week to May 3, with production averaging 9.5 million barrels daily. This compared with an inventory increase of a modest 300,000 barrels for the previous week, when production averaged 9.4 million barrels daily. In middle distillates, the EIA reported an inventory build of 600,000 barrels for the week to May 3, with average production at 4.8 million barrels daily. This compared with a minor inventory draw of 700,000 barrels for the prior week, with production at the time averaging 4.5 million barrels daily. Powered by Commodity Insights |