The U.S. Energy Information Administration (EIA) released its weekly petroleum status report this morning. U.S. commercial crude inventories rose by 3.8 million barrels last week, bringing the total U.S. commercial crude inventory to 364.5 million barrels, above the upper limit of the five-year range for this time of the year.
The American Petroleum Institute estimate called for a weekly crude inventory rise of 5.46 million barrels and an decrease of 2.4 million barrels to the gasoline supply. Crude prices, which had been slipping today, have continued to slide following today’s report from the EIA.
The impact of Hurricane Isaac, which has closed essentially all crude production in the Gulf of Mexico, is also having an impact on crude prices today, but the inventory levels indicate that the temporary closures are not likely to have a significant effect on the price of domestic crude.
Total gasoline inventories decreased by 1.5 million barrels last week and remain in the lower half of the five-year average range. Over the last four weeks, gasoline supplied has declined by 1% compared to the same period last year. Total motor gasoline supplied averaged 9.1 million barrels a day for the four weeks — a drop of 6.2% compared with the same period a year ago.
For the past week, crude imports averaged 9.5 million barrels a day, an increase of 1.3 million barrels a day from the previous week. Refineries were running at 91.2% of capacity, with daily input of 15.4 million barrels a day, down just 58,000 barrels a day from the previous week.
Distillate inventories, which include diesel fuel, rose by 900,000 barrels last week and are below the lower limit of the average range. Distillate product supplied averaged 3.6 million barrels a day last week, down 6.2% 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 down 0.7% at $35.55 in a 52-week range of $29.02 to $42.30.
The United States Gasoline ETF (NYSEMKT: UGA) is down 0.2% at $59.22 in a 52-week range of $44.65 to $60.10.
Paul Ausick
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
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.
Latest from 24/7
