Financial News: U.S. Crude Oil Inventories Pull Back Much More

U.S. Crude Oil Inventories Pull Back Much More Than Expected

05/30/2024 - 11:06:00 (RTTNews)

(RTTNews) - The Energy Information Administration released a report on Thursday showing U.S. crude oil inventories tumbled by much more than expected in the week ended May 24th.

The report said crude oil inventories slumped by 4.2 million barrels last week after climbing by 1.8 million barrels in the previous week. Economists had expected crude oil inventories to decrease by 1.9 million barrels.

With the sharp pullback, U.S. crude oil inventories are about 4 percent below the five-year average for this time of year, the EIA said.

Meanwhile, gasoline inventories increased by 2.0 million barrels last week but remain about 1 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also climbed by 2.5 million barrels last week but remain about 6 percent below the five-year average for this time of year.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Atlanta Fed Sees U.S. Q3 GDP Growth At 2.8% (07 hr(s), 50 min(s), 40 sec(s) ago)
(RTTNews) - The Atlanta Fed released its initial estimate for the third quarter growth based on it ...Full Story»

U.S. Consumer Sentiment Index Dips Slightly Less Than Previously Estimated In July (09 hr(s), 41 min(s), 40 sec(s) ago)
(RTTNews) - The University of Michigan released revised data on Friday showing consumer sentiment ...Full Story»

U.S. Consumer Prices Inch Up 0.1% In June, In Line With Estimates (10 hr(s), 38 min(s), 40 sec(s) ago)
(RTTNews) - Consumer prices in the U.S. crept up in line with economist estimates in the month of ...Full Story»

Spain Jobless Rate Lowest Since 2008 (10 hr(s), 52 min(s), 40 sec(s) ago)
(RTTNews) - Spain's unemployment rate fell to the lowest level in nearly 16 years in the secon ...Full Story»

Denmark Retail Sales Fall 0.1% (11 hr(s), 0 min(s),40 sec(s) ago)
(RTTNews) - Danish retail sales decreased slightly in June after recovering in the previous month, ...Full Story»

Hungary Jobless Rate Falls To 4.3% (11 hr(s), 16 min(s), 40 sec(s) ago)
(RTTNews) - Hungary's unemployment rate decreased slightly during the April-June period, data ...Full Story»

U.S. PCE Price Index Inches Higher In June, Annual Growth Slows To 2.5% (11 hr(s), 25 min(s), 40 sec(s) ago)
(RTTNews) - Consumer prices in the U.S. crept up in line with economist estimates in the month of ...Full Story»

Russia Central Bank Hikes Rate By 200 Bps (11 hr(s), 38 min(s), 40 sec(s) ago)
(RTTNews) - Russia's central bank raised its benchmark rate by 200 basis points on Friday amid ...Full Story»