EIA: Commercial crude oil inventories increased by 2.2 million barrels from previous week

In its weekly petroleum report for the week ending June 7, the Energy Information Administration (EIA) announced that the commercial crude oil inventories in the U.S. increased by 2.2 million barrels from the previous week. With the initial reaction, the barrel of WTI struggled to recover its losses and was last down 2% on the day at $51.85.

Key takeaways from the press release

• Gasoline production increased last week, averaging 10.3 million barrels per day.
• Distillate fuel production decreased last week, averaging 5.2 million barrels per day.
• U.S. crude oil imports averaged 7.6 million barrels per day last week.
• Total products supplied over the last four-week period averaged 20.4 million barrels per day, down by 0.1% from the same period last year.