WTI slides as tepid US product demand offsets large crude draw

摘要

Crude futures settled mixed May 5 as an unexpected US gasoline buildadded headwinds to an overnight rally.June NYMEX WTI settled down 6 cents at $65.63/b, while July ICEBrent finished up 8 cents at $68.96/b.Total commercial crude stocks fell 7.99 million barrels to485.12 million barrels last week, US Energy InformationAdministration data showed May 5, exceeding bullish marketexpectations of an up to 7.69 million-barrel draw seen by theAmerican Petroleum Institute on May 4. It was the largest oneweekdecline in crude inventories since the week ended Jan. 1 andleft stocks 1.9% behind the five-year average for this time of year,the widest deficit since the week ended March 20, 2020.