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Oil Edges up after Strong US Draws Ahead of “Memorial Weekend” 

CommoditiesMay 26, 2021 03:58PM ET
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© Reuters.

(Updates with market action and settlement prices)

By Barani Krishnan and Liz Moyer

Investing.com -- Oil prices edged higher Wednesday after data showing strong drawdowns in both U.S. crude and stockpiles ahead of the long weekend that officially kicks off the country’s peak summer driving season.

West Texas Intermediate crude for July delivery, the benchmark for U.S. oil, settled up 14 cents, or 0.2%, at $66.21.  WTI rose 3.9% in the previous session as investors bet on a spike in fuel demand ahead of the three-day break leading to Monday’s Memorial Day holiday.

Brent crude for July delivery, which acts as the global benchmark for oil, settled up 36 cents, or 0.5%, at $68.73. Brent gained 2.9% in the previous session.

U.S. oil stockpiles declined more than expected in the latest week, the Energy Information Administration said on Wednesday.

Crude oil inventories fell 1.662 million barrels last week, compared with analysts' expectations for a draw of 1.05 million barrels.

Gasoline inventories fell 1.745 million barrels last week the EIA said, compared with expectations for a draw of 614,000 barrels.

Distillate stockpiles, which include diesel and heating oil, fell 3.013 million barrels in the week against expectations for a draw of 1.9 million barrels, the EIA data showed.

Refinery crude runs were 123,000 barrels. The weekly refinery utilization rate rose 0.7%, according to the EIA report.

The American Automobile Association expects as many as 37 million road travelers on this Memorial Day, up 60% from last year’s pandemic-suppressed 23 million travelers.

Americans who take the road this weekend are expected to fill their tanks at least more than once for trips stretching over the three-day break.

Oil Edges up after Strong US Draws Ahead of “Memorial Weekend” 
 

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Comments (5)
Jim Hernandez
Jim Hernandez May 26, 2021 11:57AM ET
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Don't get too comfy, there will be an inflation spike before things normalize again.
My World My choice
My World My choice May 26, 2021 11:34AM ET
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i m berish in crude
Mohamed Ajeeb
Mohamed Ajeeb May 26, 2021 10:51AM ET
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Oil price will go up?
Akash Tarek
Akash Tarek May 26, 2021 10:51AM ET
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when oil will go up? and how much oil price?
Akash Tarek
Akash Tarek May 26, 2021 10:51AM ET
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when oil will go up? and how much oil price?
Juan Torres
Juan Torres May 26, 2021 10:49AM ET
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This is wonderful cant wait to pay more money for gas
Heikki Martikainen
HSMA May 26, 2021 10:45AM ET
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Sure, 30%  is a slight change, very slight for sure...come on now!
Heikki Martikainen
HSMA May 26, 2021 10:45AM ET
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There is a shortage of oil soon and Iranian oil is just a drop in a the sea, which comes maybe in three or more months. Just a small conflict now and we are running out....
Lasse Jensen
Lasse Jensen May 26, 2021 10:45AM ET
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Heikki Martikainen
HSMA May 26, 2021 10:45AM ET
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Lasse Jensen  CNN, BBC, Bloomberg, Market Watch, FT and this site, those mainly plus some normal news agencies.
 
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