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Crude oil inventories in the United States increased by 3.1 million barrels during the week ending April 3, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 464.7 million barrels according to government data, which is 2% above the five-year average for this time of year.

The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories saw a build of 3.719 million barrels in the period.

Crude prices plunged Tuesday evening and early Wednesday morning trade following the announcement of a two-week ceasefire between Iran and the United States, which would allow at least some transit through the Strait of Hormuz. At 5:24 a.m. in New York, Brent was trading at $94.37 per barrel—down $14.90 (-13.64%) on the day, and down roughly $7 per barrel from this time last week. WTI was also trading down on the day, by $17.74 per barrel (-15.71%) in early morning trade at $95.21—also sharply down week over week.

For total motor gasoline, the EIA reported that inventories had decreased by 1.6 million barrels after dipping by 600,000 barrels in the week prior. The most recent figures showed that average daily gasoline production decreased to 9.4 million barrels. For middle distillates, inventories decreased by 3.1 million barrels with production holding at an average of 5.0 million barrels daily. Distillate inventories are 5% below the five-year average.

Total products supplied—a proxy for U.S. oil demand—averaged a 20.8 million barrels per day over the last four weeks, up 6.3% compared to the same period last year. Gasoline demand averaged 8.7 million barrels per day over the last four weeks, while the distillate four-week average supplied averaged 4 million barrels—up 4.8% percent year over year.

By Julianne Geiger for Oilprice.com