Total gasoline inventories dropped by 1.7 million barrels last week but remain well above the upper limit of the five-year average range. Total motor gasoline supplied averaged about 8.3 million barrels a day over the past four weeks — a rise of 1.4% compared with the same period a year ago.
Distillate inventories rose by 500,000 barrels last week and remain in the lower half of the average range. Distillate product supplied averaged 3.3 million barrels a day over the past four weeks, down 8.2% when compared with the same period last year. Distillate production totaled 4.3 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 3.2 million barrels in crude supplies last week. Platts estimated a build of 2 million barrels in crude inventories for last week, with a build of 1.6 million barrels in gasoline supplies and a rise of 750,000 barrels in distillate supplies. Dow Jones estimated an increase of 1.7 million barrels in crude oil inventories and 900,000 barrels in gasoline inventories, as well as a drop of 100,000 barrels in distillates.
Crude prices were about slightly higher before the EIA report at $96.11 a barrel and rose to $96.99 following the report. Crude prices rose have hovered around $96 a barrel for the past week.
For the past week, crude imports averaged over 7.7 million barrels a day, a decrease of about 300,000 barrels a day from the previous week. Refineries were running at 83.6% of capacity, with daily input of 14.2 million barrels a day, about 895,000 barrels a day less than the previous week.
The United States Oil ETF (NYSEMKT: USO) is up 0.8% at $34.88 in a 52-week range of $29.02 to $42.30.
The United States Gasoline ETF (NYSEMKT: UGA) is up 0.8% at $60.29. The 52-week range is $45.13 to $62.13.
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