Total gasoline inventories rose by 1.9 million barrels last week and remain well above the upper limit of the five-year average range. Total motor gasoline supplied averaged about 8.4 million barrels a day over the past four weeks — a decline of 0.6% compared with the same period a year ago.
Distillate inventories rose by 1.7 million barrels last week, and are near the lower limit of the average range. Distillate product supplied averaged just less than 3.4 million barrels a day over the past four weeks, down 5.2% when compared with the same period last year. Distillate production totaled 4.6 million barrels a day last week, down 300,000 barrels compared with the prior week and below the five-year average range for this time of year.
The American Petroleum Institute reported an inventory increase of 46,000 barrels in crude supplies last week. Platts estimated a build of 2.5 million barrels in crude inventories for last week, with a build of 3 million barrels in gasoline supplies and a rise of 1.6 million barrels in distillate supplies. Dow Jones estimated an increase of 2.1 million barrels in crude oil inventories, 2.3 million barrels in gasoline inventories, and 1.3 million barrels in distillates.
Crude prices were about slightly higher before the EIA report at $93.40 a barrel and rose to $94.29, up 1.1%, following the report. Crude prices rose have hovered around $94 a barrel for the past week.
For the past week, crude imports averaged more than 8 million barrels a day, a decrease of about 312,000 barrels a day from the previous week. Refineries were running at 87.9% of capacity, with daily input of 15.1 million barrels a day, about 156,000 barrels a day less than the previous week.
The United States Oil ETF (NYSEMKT: USO) is up 0.9%, at $34.30 in a 52-week range of $29.02 to $42.30.
The United States Gasoline ETF (NYSEMKT: UGA) is up 0.5% at $57.56. The 52-week range is $45.13 to $62.13.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
