The U.S. Energy Information Administration (EIA) reported a significant decline in crude oil inventories by 12.2 million barrels for the week ending June 28, surpassing expectations. This led to a rise in crude oil prices. Gasoline and distillate fuel inventories also saw declines, with gasoline inventories shedding 2.2 million barrels and middle distillate inventories declining by 1.5 million barrels. Gasoline production averaged 10.1 million barrels daily, while middle distillate production averaged 5.1 million barrels daily. The American Petroleum Institute estimated a weekly inventory draw of 9 million barrels, further supporting oil prices. Geopolitical factors, such as concerns about escalating violence in the Middle East and the impact on oil supply, also contributed to price support. However, fears of production disruption in the Gulf of Mexico due to Hurricane Beryl subsided after the hurricane weakened to a tropical storm. The EIA also revealed that crude oil refinery inputs in the U.S. averaged 16.8 million barrels per day, with refineries operating at 93.5% of their capacity. Gasoline production rose to an average of 10.1 million barrels per day, while imports of crude oil into the U.S. averaged 6.5 million barrels per day. Despite a bullish federal inventory and demand report, energy prices saw losses, with gasoline and diesel futures declining. Additionally, the Quantum Commodity Intelligence service offers daily price assessments, market news, and fundamental trade data for professionals in the oil, biofuels, carbon, and ammonia markets. Overall, the articles highlight the significant decline in U.S. crude oil inventories, the impact on oil prices, geopolitical factors influencing the market, and the performance of gasoline and distillate fuel inventories and production. The data provided by the EIA and the American Petroleum Institute, as well as the insights from industry analysts, offer a comprehensive overview of the current state of the oil market.
