Overnight price action in June crude oil was mixed. The market remains concerned over uncertainty surrounding Greece and fears over a European debt contagion. While June crude oil lost some of its overnight gains, it did show relative strength compared to Brent crude oil. This comes ahead of the Seaway pipeline reversal expected today, and traders viewed that as a supportive force for WTI crude oil. Meanwhile, Yesterday's EIA inventory data showed US crude stocks rising by 2.128 million barrels to 381.644 million barrels last week, which is the highest for this week of the year since 1990. Cushing supplies climbed to another record high of 45.1 million barrels, largely in anticipation of the Seaway pipeline reversal. EIA crude stocks are 11.332 million barrels above year ago levels and 28.413 million barrels above the five year average. Crude oil imports for the week stood at 8.881 million barrels per day compared to 8.967 million barrels the previous week. The refinery operating rate was up 1.9% to 88.3%, compared to 83.2% last year and the five year average of 86.39%.
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