Key facts
- US crude oil inventories fell for the sixth consecutive week.
- Commercial crude inventories totaled 433.7 million barrels on May 29th.
- Inventories decreased by 8 million barrels from the previous week.
- Current inventories are 1% below year-ago levels.
- AgResource Company believes a lasting break in energy prices is unlikely.
US crude oil stocks are tightening rapidly, with commercial inventories on May 29th totaling 433.7 million barrels. This represents a decrease of 8 million barrels from the previous week and is 1% below the levels seen last year. This marks the sixth consecutive week of falling crude inventories. AgResource Company commented that the US crude balance sheet is dangerously tight and indicated that a lasting break in energy prices is unlikely in the short term. The report also noted that crude futures were near session highs.