WTI futures dip after DoE reports oil inventory jump for latest week

Crude oil stockpiles in the US rocketed last week, on the back of higher net imports and continued growth in domestic output.

According to the US Energy Information Administration, over the week ending on 27 April commercial oil inventories jumped by 6.2m barrels per day to reach 436.0m barrels.

Significantly, net imports rose by 263,000 b/d versus the prior week, mainly as as exports declined by 180,000 b/d, the Department of Energy's statistical arm said.

In parallel, domestic US oil output continued to grind higher, increasing by 33,000 b/d to reach 10.619m.

By products, gasoline inventories rose by 1.2m barrels, while those of distillates fell by 3.9m barrels.

Refineries operated at 91.1% of their capacity last week, the DoE said.

Following the release of Wednesday's figures, front month West Texas Intermediate crude oil futures were trading 0.619% lower at $72.68 a barrel on NYMEX.