Total gasoline inventories decreased by 2.9 million barrels last week and remain in the middle 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 2.8% compared with the same period a year ago.
Distillate inventories decreased by 2.3 million barrels last week and are near the lower limit of the average range. Distillate product supplied averaged 3.8 million barrels a day over the past four weeks, up about 5.5% when compared with the same period last year. Distillate production totaled 4.3 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 increase of 2.96 barrels in crude supplies last week, a decrease of 120,000 barrels in gasoline supplies and a drop of 1.6 million barrels in distillate supplies. Platts estimated a build of 2 million barrels in crude inventories for last week, and Bloomberg estimates called for a crude inventory build of 2 million barrels.
Crude prices were about down about 2.2% before the EIA report at $94.46 a barrel, and they quickly fell below $93 a barrel following the report. Crude prices are down sharply over the past several days, but gasoline prices continue to climb for reasons we spelled out in a look at refining this morning.
For the past week, crude imports averaged 7.7 million barrels a day, an increase of about 176,000 barrels a day from the previous week. Refineries were running at 82.9% of capacity, with daily input of 14.2 million barrels a day, about 134,000 barrels a day less than the previous week.
The United States Oil ETF (NYSEMKT: USO) is down about 1.9%, at $33.51 in a 52-week range of $29.02 to $42.30.
The United States Gasoline ETF (NYSEMKT: UGA) is down 0.9%, at $63.72 in a 52-week range of $45.13 to $65.86.
Essential Tips for Investing (Sponsored)
A financial advisor can help you understand the advantages and disadvantages of investment properties. 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. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
