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US oil stockpiles rise 2.2m barrels in June’s first week

US oil stockpiles rise 2.2m barrels in June’s first week

Mubasher: US crude oil stockpiles rose by 2.2 million barrels to 485.5 million barrels in the week ended 7 June, according to the Energy Information Administration (EIA).

Total motor gasoline inventories went up by 800,000 barrels, while distillate fuel stockpiles increased by 1 million barrels.

US crude refinery runs hit an average of 17.1 million barrels per day (bpd) during the week, 126,000 bpd higher the preceding week’s average.

Refineries operated at 93.2% of their operating capacity last week.

US crude imports declined by 316,000 million bpd to an average of 7.6 million bpd for the week, compared to the previous week, the EIA said.

Following the EIA’s release, US Nymex crude futures plunged by 2.12% to $52.14 per barrel (pb), while global benchmark Brent futures dropped by 1.91% by to $61.10 pb.