Energy

Crude Inventories Fall Sharply, Price Up Slightly

The U.S. Energy Information Administration (EIA) released its weekly petroleum status report this morning. U.S. commercial crude inventories fell by 5.4 million barrels last week, bringing the total U.S. commercial crude inventory to 360.7 million barrels, above the upper limit of the five-year range for this time of the year. Dow Jones had estimated a rise of 200,000 barrels.

The American Petroleum Institute estimate called for a weekly crude inventory decline of 6 million barrels and an increase of 869,000 barrels to the gasoline supply. Crude prices, which had been slipping today, are up about 0.1% on the inventory drop.

Total gasoline inventories decreased by 1 million barrels last week and remain in the lower half of the five-year average range. Dow Jones estimated a drop of just 400,000 barrels. Over the past four weeks, gasoline supplied has declined by2.2% compared to the same period last year. Total motor gasoline supplied averaged 9 million barrels a day for the four weeks a drop of 1.7% compared with the same period a year ago.

For the past week, crude imports averaged 8.2 million barrels a day, a drop of 510,000 barrels from the previous week. Refineries were running at 91.2% of capacity, with daily input of 15.4 million barrels a day, down by 273,000 barrels a day from the previous week.

Distillate inventories, which include diesel fuel, rose by 1 million barrels last week and are below the lower limit of the average range. Dow Jones had estimated a 700,000 barrel increase. Distillate product supplied averaged 3.7 million barrels a day last week, down 4.4% when compared with the same period last year. Distillate production totaled 4.7 million barrels a day last week.

The United States Oil ETF (NYSEMKT: USO) is up 0.3% at $36.10 in a 52-week range of $29.02-$42.30.

The United States Gasoline ETF (NYSEMKT: UGA) is up 0.6% at $58.98 in a 52-week range of $44.65-$59.22.

Paul Ausick

The #1 Thing to Do Before You Claim Social Security (Sponsor)

Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.

A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.

Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.

 

Have questions about retirement or personal finance? Email us at [email protected]!

By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.

By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.