On Wednesday, crude prices stood flat following US industry supply data. However, refined products demonstrated healthy drawdowns.
In New York, June delivery WTI crude futures were worth $43.65 per barrel. Meanwhile, Brent crude futures lost 0.16%, trading at $44.90.
On Tuesday, the American Petroleum Institute told its estimate of weekly oil stocks disclosed a build of about 1.265 million barrels. Then, distillates stocks fell 2.6 million barrels, while gasoline stocks slumped 1.17 million barrels as the summer driving season gets closer. A bit later on Wednesday, traders will get more closely-watched reports from the US Department of Energy.
On Monday, crude data as well as market intelligence company Genscape posted a build of approximately 871,000 barrels at the Cushing Oil Hub, Oklahoma. By the way, the major delivery point of NYMEX crude, Cushing, has almost approached full storage capacity.
A number of reputable energy experts think that the huge stockpile build is going to level as non-OPEC output keeps waning.