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Commodity News

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(27 Jun 2024, 08:49)

Energy Preview: EIA Reports Inventory Build Of 3.6 Million Barrels

The US Energy Information Administration reported an inventory build of 3.6 million barrels for the week to June 21. This compared with a draw of 2.5 million barrels that pushed prices higher last week, as it was accompanied by inventory declines in gasoline and middle distillates as well, suggesting strengthening demand. The Energy Information Administration also reported a gasoline inventory increase of 2.7 million barrels for last week, which compared with a draw of 2.3 million barrels for the previous week. Gasoline production last week averaged 9.9 million barrels daily, which compared with 10.2 million barrels daily in the prior week.

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