US crude oil inventories moved sharply lower in the week ended April 30, US Energy Information Administration data showed May 5, amid stronger refinery demand and a surge in exports. Total commercial crude stocks fell 7.99 million barrels to 485.12 million barrels last week, EIA said, exceeding bullish market expectations of an up to 7.69 million-barrel draw seen by the American Petroleum Institute on May 4. It was the largest one-week decline in crude inventories since the week ended Jan. 1, and left stocks 1.9% behind the five-year average for this time of year, the widest deficit since the week ended March 20, 2020. June NYMEX WTI settled May 5 down 6 cents at $65.63/b, while July ICE Brent finished up 8 cents at $68.96/b. The draw was centered on the US Gulf Coast, where inventories moved […]