Total gasoline inventories decreased by 800,000 barrels last week and remain in 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 rise of about 4.4% compared with the same period a year ago.
Distillate inventories decreased by 3.7 million barrels last week and are below the lower limit of the average range. Distillate product supplied averaged 3.7 million barrels a day over the past four weeks, down 1.4% when compared with the same period last year. Distillate production totaled 4.4 million barrels a day last week, down about 100,000 barrels a day when compared with the prior week.
The American Petroleum Institute reported an inventory decrease of 2.3 barrels in crude supplies last week. Platts estimated a build of 2.5 million barrels in crude inventories for last week. Dow Jones estimates called for a crude inventory build of 2.4 million barrels, an decrease of 400,000 barrels in gasoline supplies and a drop of 2 million barrels in distillate supplies.
Crude prices were about 0.2% higher before the EIA report at $97.70 a barrel and rose slightly to around $97.79 following the report. The lower-than-expected build in crude inventories should push prices higher today.
For the past week, crude imports averaged more than 7.5 million barrels a day, a decrease of about 56,000 barrels a day from the previous week. Refineries were running at 83.8% of capacity, with daily input of 14.3 million barrels a day, about 121,000 barrels a day less than the previous week.
The United States Oil ETF (NYSEMKT: USO) is up 0.3% at $35.39 in a 52-week range of $29.02 to $42.30.
The United States Gasoline ETF (NYSEMKT: UGA) is up 0.7% at $64.49, a new 52-week high. The prior 52-week range was $45.13 to $64.43.
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